Islamabad 12 August: Gold prices in Pakistan have taken a sharp downturn, mirroring a global decline triggered by uncertainty over U.S. tariff policies.
The price of 24-karat gold dropped by Rs3,600 per tola on Monday, settling at Rs358,800 compared to Rs362,400 the previous day, according to the All Pakistan Sarafa Gems and Jewelers Association. This reflects a decrease of Rs3,086 for 10 grams, now at Rs307,613, amid jittery market sentiment.
Internationally, gold prices fell by over 1% as investors awaited clarity from the White House on potential tariffs, coupled with anticipation of U.S. inflation data. Spot gold traded down 1.2% at $3,356.30, while U.S. gold futures for December delivery plummeted 2.3% to $3,410.50.
The volatility stems from conflicting reports, including a U.S. Customs ruling proposing a 39% tariff on Swiss gold bars, later tempered by President Donald Trump’s informal denial of such duties on Truth Social, causing a swift market reversal.
READ MORE: Pakistani Gold Market: Current Trends and Outlook
Analysts suggest the decline reflects relief from tariff fears, though uncertainty persists. Adnan Agar of Interactive Commodities noted, “Many are treating it as fake news, but investors are still waiting for official clarification.”
The situation is compounded by geopolitical developments, including planned U.S.-Russia talks on August 15, which could further influence safe-haven demand. As markets brace for Tuesday’s U.S. inflation data, gold’s downward trend may persist unless new triggers emerge.
