BUSINESS/FINANCE
Gold Prices Drop by Rs1,100 in Pakistan Amid Global Market Decline
Gold prices in Pakistan witnessed a significant decline on Monday, with the per tola price falling by Rs1,100 to close at Rs260,400, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The price of 10 grams of 24-karat gold also saw a drop of Rs943, settling at Rs223,251.
The decrease in gold prices in the local market mirrored global trends, where the price of gold fell by $7 per ounce during trading, taking it to $2,490. This decline in international gold prices has been attributed to various global economic factors.
In addition to gold, silver prices in Pakistan also experienced a rare decline, with the price per tola dropping by Rs50 to Rs2,850, marking a significant movement in the market after a prolonged period of stability. The fluctuating gold prices in Pakistan continue to be influenced by international market dynamics and local factors such as currency exchange rates and demand.