ISLAMABAD: Gold prices in Pakistan witnessed a significant drop on Thursday, with the rate of 24-karat gold falling below the Rs 500,000 mark per tola.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold decreased by Rs 24,300 per tola, bringing it down to Rs499,462. This marks a sharp plunge in the domestic bullion market.
Similarly, the price of 10 grams of 24-karat gold also saw a substantial decline, dropping by Rs30,833 to settle at Rs428,202. The downward trend reflects broader shifts in both local and international markets.
Meanwhile, silver prices also followed the same trajectory. The price per tola of silver decreased by Rs 760, indicating a wider slump in precious metals.
On the global front, gold prices fell as well, with the international rate declining to $4,767 per ounce. The drop in global prices has directly influenced the domestic market, contributing to the sharp decrease observed locally.
Market analysts suggest that fluctuations in international bullion rates, currency movements, and investor sentiment continue to play a key role in determining gold prices. Consequently, any sustained trend in global markets is likely to impact local rates in the coming days.
