Gold prices slipped in Pakistan on Thursday, with local market reports saying the price of 24-karat gold fell sharply in line with weakness in the international bullion market. Pakistani media reports tied the move to a broader pullback in global gold, after a period of exceptionally strong gains in recent sessions.
According to local reports published on April 23, the price of 24-karat gold dropped by Rs5,200 per tola, bringing it down to Rs493,762, while the rate for 10 grams fell by Rs4,458 to Rs423,321. That decline followed a volatile week for the local bullion market, where prices had still been hovering near record territory just days earlier.
The retreat in Pakistan appears to mirror a softer tone in global markets. International coverage on Thursday showed gold coming under pressure as the US dollar firmed and investors reassessed inflation and interest-rate expectations, trimming some of the metal’s safe-haven appeal. Market reports also pointed to broader unease around oil prices and geopolitical risk, factors that can sometimes support gold, but in this case didn’t stop the day’s pullback.
Even with Thursday’s fall, the bigger picture is still pretty striking. Pakistan’s gold market has seen steep swings this month, with prices moving above Rs503,000 per tola on April 22 and remaining far above levels reported earlier in the week. Separate market trackers later on April 23 were showing indicative local rates in the Rs495,000–Rs500,000 per tola range, underlining how fast prices were moving during the day.
That kind of movement matters beyond investors. In Pakistan, sudden jumps or drops in gold prices tend to hit both retail buyers and jewellers almost immediately, especially ahead of wedding-season purchases and routine household buying. For traders, the day’s decline may offer a little breathing room. For ordinary buyers, though, gold is still historically expensive, and one down day doesn’t really change that.
The direction from here will likely depend on what happens internationally. If global bullion remains under pressure, local prices could soften further. But if safe-haven demand returns — and these days that can happen fast — Pakistan’s gold market may swing upward again just as quickly. For now, Thursday’s drop looks less like a full reversal and more like another sharp turn in an unusually volatile market.
