Gold Prices Drop Significantly in Pakistan and International Markets

Karachi: Gold prices recorded a significant decline in both Pakistani and international bullion markets, bringing relief to buyers after recent sharp increases.

According to the All Pakistan Sarafa Jewellers Association, the price of 10 grams of gold decreased by Rs2,057, bringing the new rate down to Rs407,546.

Similarly, the price of gold per tola dropped by Rs2,400 and settled at Rs475,362.

Silver prices also declined in local markets following a decrease in international rates. In the global market, silver fell by $1.53 per ounce to trade at $76.33 per ounce.

As a result, the price of silver per tola in Pakistan decreased by Rs153 to Rs8,117, while the price of 10 grams of silver fell by Rs131 to Rs6,959.

Meanwhile, gold prices in the international market also declined by $24, with gold trading at $4,530 per ounce.

Market experts say fluctuations in the global economy, changes in the value of the US dollar, and investor sentiment continue to influence gold prices worldwide, with direct effects being observed in Pakistan’s local bullion markets.

It is worth noting that just a day earlier, gold prices had surged sharply, with the price per tola increasing by Rs4,600 to reach Rs477,762.