Gold Prices Drop Sharply in Pakistan, Bringing Relief to Buyers
KARACHI: Gold prices declined significantly across Pakistan, bringing welcome news for buyers as rates fell in both local and international markets.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola decreased by Rs3,100 to reach Rs434,436.
The price of 10 grams of gold also dropped by Rs2,658, bringing the new rate to Rs372,458.
Silver prices also recorded a decline. The price of silver per tola fell by Rs100 to Rs6,488, while minor fluctuations were reported in the prices of other precious metals.
In the international market, gold prices came under pressure, with the price per ounce declining by $31 to trade at $4,119.
Market experts attribute fluctuations in gold prices to global economic conditions, movements in the US dollar and changing investor sentiment.
Analysts said further changes in gold prices could be expected over the coming days if the current trend in the international market continues.
The latest decline has provided some relief to gold buyers in Pakistan, although market participants will be closely monitoring international price movements for further direction.
