Commodities
Gold Price Falls Sharply in Pakistan Amidst Global Market Decline
The price of gold in Pakistan fell on Wednesday, marking a significant decline. According to the All Pakistan Sarafa Gems and Jewellers Association, 24-karat gold dropped by Rs3,700 to Rs458,236 per tola.
In addition, the price of 22-karat gold for 10 grams decreased by Rs2,908 to Rs360,137, while 24-karat silver fell by Rs186 per tola to Rs6,800. The association noted that international market prices also reflected a decline, with gold quoted at $4,358 per ounce and silver at $63.21 per ounce.
The gold rates were based on interbank exchange rates, with purity set at 999 for 24-karat gold. This development is likely to have an impact on the local market, particularly in the context of the country's economy.