Gold tumbles by record Rs14,000

KARACHI: Gold prices in the domestic market recorded their steepest-ever single-day drop on Tuesday, following a sharp fall in international rates. The price of 10 grams and one tola of gold fell by Rs12,003 and Rs14,000, respectively, to settle at Rs356,963 and Rs416,362. According to the All Pakistan Sarafa Gems and Jewellers Association, international prices slipped by $140 per ounce to $3,940. Earlier, on Oct 17, local prices had hit a record high after a $141-per-ounce jump in world markets pushed gold to $4,358 per ounce, lifting domestic rates by Rs11,082 per 10 grams and Rs14,100 per tola. The yellow metal rates hit a three-week low as the global reports attribute the current fall to easing concerns over the US-China trade outlook, a stronger dollar, and expectations of interest rate cuts by major central banks. However, analysts caution that geopolitical uncertainties and US policy signals could still sway the market. Jewellers said sales remain slow, as prices above Rs400,000 per tola continue to deter buyers despite the recent decline. Published in Dawn, October 29th, 2025