Gold prices saw a notable drop in Pakistan on May 8, bringing some relief to buyers after several days of sharp increases, while silver continued its upward trend in both local and international markets.
According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of gold per tola fell by Rs2,700, settling at Rs494,062 in the local market. The price of 10 grams of gold also declined by Rs2,315, reaching Rs423,578.
International Market Also Sees Decline
The drop in local gold prices followed a decline in the global bullion market, where gold prices fell by $27 per ounce to $4,717.
Since Pakistan’s gold market closely follows international pricing trends, the decrease overseas directly impacted domestic rates as well. Traders say the correction comes after a strong rally earlier this week, when gold prices had surged significantly.
Silver Moves in the Opposite Direction
Unlike gold, silver prices continued to rise.
The price of silver per tola increased by Rs80 to reach Rs8,525, while the price of 10 grams rose by Rs68 to Rs7,308 in the local market. This steady upward movement shows continued investor interest in silver despite fluctuations in gold.
A Volatile Week for Precious Metals
The latest drop comes just a day after gold had jumped sharply by Rs7,800 per tola, reaching Rs496,762 on Thursday.
Earlier in the week, prices had also seen a major rebound of Rs11,100 per tola after consecutive declines, highlighting just how volatile the bullion market remains right now.
This back-and-forth movement is being closely watched by investors, jewellers, and buyers planning wedding season purchases.
What Experts Are Watching
Market analysts say gold prices remain sensitive to:
- Global inflation trends
- US dollar strength
- Interest rate expectations
- Geopolitical tensions
- International investor sentiment
Even small shifts in these factors can trigger major price swings in Pakistan’s local gold market.
For now, while gold has cooled slightly, silver’s continued rise shows the precious metals market remains highly active.
Buyers may see this temporary dip in gold as an opportunity—but experts still advise caution due to ongoing volatility.
