The price of per tola 24-karat gold on Monday witnessed a sharp decline of Rs21,500 and was traded at Rs490,362 in the local market, the All Pakistan Sarafa Gems and Jewellers Association reported.
The price of 10 grams of 24-karat gold also plunged by Rs18,433 to Rs420,406, while the rate of 10 grams of 22-karat gold decreased by Rs16,897 to Rs385,386.
In the international market, gold prices fell by $215 to $4,676.
Meanwhile, per tola silver shed Rs601 to reach Rs8,405, while the price of 10 grams of silver declined by Rs516 to Rs7,205. International silver prices decreased by $6.01 to $79.30.
Despite the sharp downturn, market analysts said the long-term outlook for gold remains bullish, driven by persistent global economic uncertainty and strong demand for safe-haven assets.
Analysts noted that gold’s intrinsic value, limited supply, and independence from government and central bank policies continue to make it an effective hedge against inflation, currency depreciation, and broader economic instability.
The yellow metal has long been regarded as a symbol of wealth and prosperity. Beyond its ornamental use, it has historically served as a safe-haven asset, offering protection during times of economic uncertainty, geopolitical tensions, and financial volatility.
In recent years, gold’s appeal as a safe-haven investment has strengthened further as both institutional and retail investors seek security amid ongoing global economic and political instability.