Gold Prices Take a Sharp U-Turn, Major Drop Per Tola Shakes Market
Islamabad: Gold and silver prices witnessed a significant decline in both international and local bullion markets, providing relief to buyers while prompting investors to adopt a cautious approach.
According to the All Pakistan Sarafa Association, the price of 24-karat gold per tola in the local market dropped sharply by Rs. 3,800, bringing it down to Rs. 479,962. Similarly, the price of 10 grams of gold decreased by Rs. 3,257, settling at Rs. 411,490.
Silver prices also followed a downward trend, with the per tola rate falling by Rs. 100 to reach Rs. 7,914.
The decline in precious metal prices is attributed to a downturn in the global market. In the international bullion market, gold prices fell by $38 per ounce, bringing the global rate to $4,576 per ounce.
Analysts say the drop is mainly due to a stronger US dollar, uncertainty surrounding interest rates, and reduced investor demand for safe-haven assets, all of which have contributed to the recent fall in gold prices.
