Gold sees sharp drop in local market amid global decline

Gold prices in Pakistan recorded a significant drop on Tuesday following a downward trend in the international market.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold fell by Rs1,600 per tola, settling at Rs354,700. The price of 10-gram gold also decreased by Rs1,372, reaching Rs304,098.

This follows a marginal decline of Rs100 on Monday, when the price per tola stood at Rs356,300.

Internationally, gold prices saw a drop of $16 per ounce on Tuesday, with the APGJSA quoting the global rate at $3,320 per ounce, inclusive of a $20 premium.

Meanwhile, silver prices remained unchanged. The price per tola held steady at Rs3,963, with no fluctuation reported during the day.