Gold prices drop in Pakistan – May 8, 2026

KARACHI: Gold prices in Pakistan declined on Friday, May 8, 2026, in line with trends in the international bullion market amid fluctuations in global oil prices.

According to rates issued by the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola dropped by Rs 2,700 to settle at Rs 494,062, compared to Rs 496,762 in the previous trading session.

Similarly, the price of 10 grams of 24-karat gold fell by Rs 2,315 to Rs 423,578 from Rs 425,893.

In the international market, gold prices decreased by $27 to $4,717 per ounce from $4,744.

Meanwhile, silver prices moved upward, with the price per tola increasing by Rs 80 to Rs 8,525 from Rs 8,445.

Market analysts attributed the fluctuations in bullion prices to shifting global geopolitical developments, particularly tensions and diplomatic activity involving the United States and Iran, along with broader economic uncertainty.

The United States and Iran recently exchanged fire in the most serious test yet of their month-long ceasefire, although Iran said the situation had returned to normal, while the US maintained it did not want to escalate tensions.

“The comments from the Trump administration this morning that the ceasefire is holding and that there is lingering optimism about a potential US-Iran deal are supporting the gold market for now,” said Kyle Rodda, senior financial market analyst at Capital.com.

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Despite short-term volatility, analysts maintain a positive long-term outlook for gold, citing its continued appeal as a safe-haven asset during periods of economic and geopolitical instability.

They added that gold remains attractive due to its intrinsic value, limited supply, and relative independence from government policy, making it an effective hedge against inflation, currency depreciation, and market volatility.

Historically, periods of global uncertainty have driven investors toward bullion while reducing appetite for riskier assets such as equities and speculative currencies.

Gold continues to serve both as a traditional ornamental commodity and a key financial safe-haven asset, with demand typically strengthening during times of global instability.