Gold prices drop sharply in Pakistan as global rates decline

Gold prices in Pakistan fell sharply on Monday in line with a decline in international markets.

According to the All Pakistan Sarafa Jewellers and Gems Association (APSJGA), the price of 24-karat gold dropped by Rs3,300 per tola, bringing it down to Rs430,362.

Similarly, the price of 10 grams of 24-karat gold decreased by Rs2,829, settling at Rs368,966. The local decline followed a sharp fall in the global gold market, where the metal lost $33 per ounce to trade at $4,080.

Silver prices also continued their downward trend. The price of silver per tola fell by Rs27 to Rs5,097, while 10 grams of silver declined by Rs24 to Rs4,369. In the international market, silver was trading at $48.35 per ounce.

Market analysts said the drop in both gold and silver prices was primarily driven by easing international bullion rates and a stronger US dollar, which has weighed on precious metals in recent sessions.