For families, investors, and jewellery buyers across Pakistan, gold prices are closely watched every day. A sudden rise or fall can change buying plans, wedding budgets, and investment decisions. On Monday, February 2, 2026, the gold market delivered a major surprise as prices dropped sharply after reaching record highs just days earlier.
This article explains today’s latest gold rates, what caused the sudden fall, who is affected the most, and what buyers should do next.
What Is the Latest Update on Gold Prices
Gold prices in Pakistan fell sharply on February 2, 2026, marking one of the biggest single-day corrections in recent weeks. The decline came after gold touched historic highs at the end of January, driven by global market movements rather than local factors.
The sudden drop has brought temporary relief for buyers who were waiting for prices to cool down.
Latest Gold Rates in Pakistan (24K) – 2 February 2026
Below are the official market rates currently observed in major bullion markets including Karachi, Lahore, and Islamabad.
Gold Rate Table – Pakistan (24 Karat)
These rates apply to 24K gold and may vary slightly depending on city and jeweller margins.
| Gold Type | Unit | Price (PKR) |
|---|---|---|
| Gold Rate (Pakistan) | Per Tola | Rs. 521,000 |
| 24 Karat Gold | 1 Tola | Rs. 446,680 |
| 24 Karat Gold | 10 Grams | Rs. 446,680 |
| 24 Karat Gold | 1 Gram | Rs. 44,668 |
How Much Did Gold Prices Fall
Compared to late January levels, gold prices have seen a notable correction.
Key movement highlights:
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Gold fell by around Rs. 22,800 per tola in a short period
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Prices had crossed Rs. 572,000 per tola in late January
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The fall brings prices closer to early-February averages
Such sharp corrections are uncommon but not unusual after record-breaking rallies.
Recent Gold Price Trend in Pakistan
Over the last few days, the gold market has shown high volatility.
Price Movement Snapshot (Per Tola – PKR)
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Jan 27: Around Rs. 530,000
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Jan 28: Around Rs. 551,000
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Jan 29: Around Rs. 572,000
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Feb 1: Around Rs. 525,000
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Feb 2: Rs. 489,400
This pattern shows a classic market correction after rapid price escalation.
Why Gold Prices Dropped Suddenly
The decline in local prices is closely linked to international developments.
Global Market Correction
International gold markets experienced a sharp pullback of around 3.3%, as investors reassessed economic expectations. Large-scale selling led to a significant reduction in global market value within a single trading session.
US Federal Reserve Expectations
Markets reacted to signals suggesting a more hawkish monetary stance in the United States. When interest rate expectations rise, gold often faces short-term pressure as investors shift toward yield-based assets.
Profit-Taking After Record Highs
After gold surged to unprecedented levels, many investors opted to lock in profits, triggering a rapid correction.
Impact on Pakistan’s Local Market
In Pakistan, gold prices usually mirror international trends but can be amplified by currency movement and demand.
Local impact includes:
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Temporary relief for jewellery buyers
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Cautious sentiment among short-term investors
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Increased footfall in bullion markets after the drop
Despite the fall, prices remain historically high compared to previous years.
Who Is Most Affected by Today’s Gold Rates
Groups Directly Impacted
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Families planning weddings or jewellery purchases
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Small investors holding physical gold
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Gold traders and jewellers managing inventory
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People saving in gold as a hedge against inflation
For buyers, the correction opens a short-term opportunity. For sellers, patience may be required.
What Buyers Should Do Now
Gold price corrections often bring confusion. Acting calmly is important.
Practical Guidance
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Avoid panic buying or selling
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Compare rates across multiple jewellers
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Confirm purity and making charges
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Consider phased buying instead of one-time purchases
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Long-term investors should focus on trends, not daily swings
Short-term movements do not always reflect long-term value.
Short Clarity Section – Common Confusion
Is this the end of the gold rally?
No. This is a correction, not a trend reversal.
Will prices fall further?
Gold prices can move both ways; short-term volatility is common.
Is now a good time to buy gold?
Buyers waiting for a dip may find this level more comfortable, but decisions should match personal needs.
Do city-wise rates differ?
Yes, minor differences exist due to local demand and costs.
Long-Term Outlook for Gold in 2026
Despite the recent fall, many analysts maintain a positive long-term outlook for gold. Continued geopolitical uncertainty, inflation concerns, and global economic risks keep gold attractive as a safe-haven asset.
Short-term corrections help stabilize the market rather than weaken it.
Conclusion
As of February 2, 2026, gold prices in Pakistan have dropped sharply to Rs. 489,400 per tola, following a strong rally in late January. The decline is mainly driven by international market corrections and shifting economic expectations, not local demand weakness.
For buyers, this correction offers breathing space. For investors, it is a reminder that gold markets move in cycles. Staying informed, patient, and focused on long-term goals remains the best approach in uncertain market conditions.
