Gold Prices Plunge Record Rs11,700 Amid US-China Tariff Shock

In a dramatic turn linked to the ongoing US-China tariff conflict, gold prices in Pakistan and worldwide saw their sharpest decline in recorded history.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola fell by an unprecedented Rs11,700, bringing the new rate to Rs352,000. Likewise, the price of 10 grams of gold dropped by Rs10,031, settling at Rs301,783.

On the international front, gold prices fell sharply as well, dropping by $116 per ounce to $3,338, marking a significant adjustment in global markets.

Interestingly, while gold suffered a massive decline, silver prices moved in the opposite direction. In Pakistan, the price of 24-karat silver increased by Rs16 per tola to Rs3,457, and by Rs13 for 10 grams to Rs2,963. Globally, silver climbed by $0.16 to hit $32.93 per ounce.

Experts suggest that fears of shifting global trade dynamics and currency stabilisation moves by central banks are contributing factors behind the sudden market volatility.