Gold rates register massive drop in Pakistan

ISLAMABAD: The price of per tola of 24 karat gold decreased by Rs.3,000 and was sold at Rs.251,000 on Friday against its sale at Rs.254,000 on last trading day.

The price of 10 grams of 24 karat gold also decreased by Rs.2,572 to Rs.215,192 from Rs. 217,764 whereas that of 10 gram 22 karat gold went down to Rs.197,259 from Rs. 199,617, the All Sindh Sarafa Jewellers Association reported.

The price of per tola silver decreased by Rs.50 to Rs.2,850 whereas that of ten gram silver went down by Rs.42.87 to Rs.2,443.41.

The price of gold in the international market decreased by $55 to $2,415 from $2,470, the Association reported.

Yesterday, gold prices hit an all-time high of Rs254,000 per tola in Pakistan, according to the all-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

READ: Gold prices soar to new high in Pakistan

The per tola price of yellow metal increased by Rs4600, hitting a new all-time high of Rs254,000 in the domestic market.

Similarly, the 10-gram yellow metal price also increased by Rs3944 to Rs217,664.

This was the highest price of pure 24-karat in the history of Pakistan’s gold market.

Market analysts attribute the rise in gold prices to various factors, including fluctuations in the international market, currency exchange rates, and economic conditions.

The continued increase in gold prices may influence investment decisions and consumer behaviour in the coming days.