Gold prices witness notable drop in Pakistan

The price of gold per tola in Karachi fell by Rs. 5,500, bringing it down to Rs. 479,562.

KARACHI: Gold prices witnessed a significant decline in Pakistan following a downward trend in the international bullion market.

According to market data, the price of gold per tola in Karachi fell by Rs. 5,500, bringing it down to Rs. 479,562.

Similarly, the price of 10 grams of gold decreased by Rs. 4,715 to Rs. 411,147.

In the global bullion market, gold prices dropped by $55 per ounce, settling at $4,572 per ounce.

Meanwhile, silver prices also saw a slight decrease, with the per tola rate falling by Rs. 45 to reach Rs. 7,766.

Market analysts attribute the decline to fluctuations in international prices and currency dynamics, which continue to influence local bullion rates.

Earlier, Gold prices across Pakistan witnessed a significant decline, with a drop of more than Rs. 8,000 recorded in the domestic market.

According to the All Pakistan Gems and Jewellers Association, the price of gold per tola fell by Rs. 8,900, bringing it down to Rs. 485,062.

Similarly, the price of 10 grams of gold decreased by Rs. 7,630, settling at Rs. 415,862, the association added.

Meanwhile, in the international market, gold prices also saw a downward trend, declining by $89 to reach $4,627 per ounce.

Following a drop in international prices, silver rates in Pakistan also recorded a notable decrease in local bullion markets.

In the global market, silver prices fell by $2.38 per ounce, settling at $73.27 per ounce.