Gold prices see sharp decline in Pakistan

Gold prices in Pakistan witnessed the biggest decline in the history in a single day on Tuesday.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-carat gold dropped sharply by Rs14,000 per tola, bringing the new rate to Rs416,362.

In the domestic market, the price of 10 grams of 24-carat gold also declined by Rs12, 003, settling at Rs356, 963. Likewise, 10 grams of 22-carat gold were sold at Rs327, 227, marking a decrease of Rs11, 004 from the previous day’s rate.

On the international level, gold saw a sharp decline of $140, bringing the price down to $3,940 per ounce. The drop reflects a continued downward trend, influenced by stronger global currencies and a cautious outlook among investors.

Silver prices also registered a notable decline, with 24-carat silver dropping by Rs173 per tola to Rs4,924, while the rate for 10 grams decreased by Rs148, settling at Rs4,221.

Market analysts attribute the ongoing volatility in precious metal prices to fluctuations in the interbank exchange rate and persistent uncertainty in global demand. They expect investors to keep a close watch on both currency movements and international gold market trends in the days ahead.