Pakistan's gold market witnessed a sharp downturn on Friday, with prices tumbling by Rs4,600 per tola as international rates slid. The drop marks one of the most significant single-day declines in recent weeks, reflecting broader global economic pressures on the precious metal. Main Developments According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola fell to Rs427,436, down from Rs432,036 on Thursday. The 10-gram variant also saw a reduction of Rs3,944, settling at Rs366,457. Internationally, spot gold declined by $46 to $4,050 per ounce, with a $20 premium applied. Silver prices also dropped, falling by Rs61 to Rs6,309 per tola in the local market. Read also: 8 Islamic states condemn Israeli Al Aqsa escalation Background Just a day earlier, on Thursday, gold had already declined by Rs1,800 per tola, signaling a sustained bearish trend. The consecutive losses come amid global market volatility, with investors reacting to shifting economic indicators and currency fluctuations. Why It Matters For Pakistani consumers and investors, gold serves as both a traditional store of value and a hedge against inflation. The sharp price drop reduces the cost of buying gold for weddings and investments, but also signals potential distress in global markets that could affect other asset classes. What's Next Traders will watch international gold prices closely on Monday, as further declines could push local rates below the Rs425,000 per tola mark. The APGJSA continues to update rates daily based on global spot prices and local demand.