Will gold prices drop below Rs500,000 per tola in Pakistan today?

2026-02-02 - 06:16

KARACHI – Gold prices in Pakistan are likely to witnessed further decline in local market today (2 February 2026) amid ongoing downward trend in international market. Gold prices in the international market have a significant impact on gold rates in Pakistan. As global prices rise or fall, the local market tends to mirror these trends due to Pakistan’s reliance on imports. Gold Prices Trend in International Market The precious commodity continued to decline on Monday, with the rise in margin requirements for precious metals on the CME pressuring prices. Investors also assessed US President Donald Trump’s pick for Fed chair, Kevin Warsh, and his stance on potential rate cuts. As of 02:59 GMT, spot gold dropped 3.3% to $4,703.27 per ounce, after a more than 5% fall earlier in the session, reaching its lowest level in over two weeks. Earlier, Gold had hit a record high of $5,594.82 on Thursday. Meanwhile, spot silver plunged 5% to $80.28 an ounce, following a record high of $121.64 on Thursday before dipping to its lowest level in nearly a month on Friday. Expected Gold Rates in Pakistan Today Amid falling prices in global market, the gold rates in Pakistan are expected to drop by Rs19,000 to dip below Rs500,000 level as the today opening rate stands at Rs511,862 in the country. The gold market could see a reversal if tensions between the US and Iran escalate, or if decisions regarding interest rate cuts go against investor expectations. Such developments may trigger a flight to safe-haven assets like gold, driving prices upward.