Gold Prices Plummet by Rs2,400 in Pakistan's Local Market

Gold prices took a significant hit in Pakistan's local market on Monday. According to the All Pakistan Sarafa Gems and Jewellers Association, 24-karat gold rates plummeted by Rs2,400 per tola, reaching a new low of Rs463,136 per tola. The price of 10-gram gold also dropped by Rs2,058, settling at Rs397,064.

The decline in gold prices can be attributed to the international market, where gold rates fell by $24 to $4,406 per ounce. In Pakistan's local market, gold prices are adjusted with a premium of $20 against international rates.

Silver rates also took a hit, decreasing by 39 to Rs7,059 per tola. The price of 10-gram silver dropped by Rs34 to Rs6,051.