BUSINESS/FINANCE
Gold Prices Drop by Rs1,000 After Reaching Historic High in Pakistan
After reaching a historic high, gold prices in Pakistan witnessed a significant decrease on Thursday, following a decline in international gold rates. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola fell by Rs1,000, bringing the rate down to Rs263,000 in the local market.
Similarly, the price of 10-gram 24-karat gold dropped by Rs857 to Rs225,480. This local decrease mirrors global market movements, where the price of gold fell by $8 to $2,518 per ounce during the trading day.
Despite the drop in gold prices, silver rates remained stable at Rs2,900 per tola. Last month, gold prices in Pakistan reached an all-time high of Rs263,700 per tola due to global economic uncertainties and fluctuations in international demand.