Gold slides to Rs420,536 a tola as AI spending fears drag metals lower
Gold fell Rs5,100 a tola in Pakistan on Friday to Rs420,536, as a global slide in precious metals reached local counters within a session. The All-Pakistan Gems and Jewellers Sarafa Association put 10-gram gold at Rs360,541, down Rs4,373, after Thursday's per-tola rate held flat at Rs425,636.
The trigger came from overseas. Spot gold dropped 3.1 per cent to $3,897.09 an ounce, its lowest since October 2025 and below the $4,000 mark that had held as psychological support, while silver fell 6 per cent to $49 an ounce, breaking under $50 for the first time in 11 months. Palladium slipped below $1,000 an ounce and platinum moved the same way. Market participants said the three white metals had entered technically oversold territory on their relative strength index readings.
The metals sell-off ran alongside a sharp drop in technology shares, with investors questioning whether heavy spending on artificial intelligence will produce returns soon enough, prompting a risk-off move across markets. In Pakistan, silver fell Rs238 to Rs5,530 a tola, and dealers adjusted both metals to international benchmarks, the rupee-dollar rate and local premiums.
For Pakistani buyers, the drop offers a cheaper entry after a week of stability, though jewellers' rates can reverse as quickly as global quotes move. The rupee closed at 276.75 to the dollar, a marginal gain of Re0.01 from Thursday's 276.76.
