Gold Prices Drop By Rs12,479 Per Tola In Pakistan After Global Market Slump
• Gold prices recorded a sharp decline in Pakistan following a major drop in international bullion rates.
• The price of 24-karat gold per tola fell by Rs12,479 in the local market.
• Silver prices also witnessed a significant decrease both locally and globally.
Gold and silver prices saw a major decline in Pakistan on Friday as international bullion markets experienced a sharp downturn, leading to a substantial reduction in local precious metal rates.
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According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola dropped by Rs12,479, bringing the new rate to Rs455,327. The significant decrease comes after a steep fall in global gold prices.
The price of 10 grams of 24-karat gold also registered a notable decline, falling by Rs11,240 to settle at Rs389,772 in the domestic market.
Silver prices followed the same trend. The price of silver per tola decreased by Rs463, taking the new rate to Rs7,267. The decline reflects weaker prices in international precious metals markets.
In the global bullion market, gold prices fell sharply by $124.89 per ounce, bringing the international rate down to $4,328.92 per ounce.
Market analysts said the decline in international gold prices directly impacted domestic rates, resulting in one of the biggest single-day drops in recent weeks. The downward trend in global bullion markets also contributed to lower silver prices in Pakistan.
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