Gold Prices Plummet by Rs500 in Pakistan Amid Global Rate Decline

Gold prices have taken a hit in Pakistan, dropping by Rs500 per tola on Saturday. The All Pakistan Sarafa Gems and Jewellers Association announced that 24-karat gold now costs Rs459,936 per tola, while the price of 10-gram gold fell to Rs394,320. This decline is largely due to a drop in international bullion rates.

The fall in global rates has led to a $5 decrease in gold prices internationally, with the metal settling at $4,375 per ounce. Locally, gold prices are typically benchmarked to these global rates, but with an added premium of $20 per ounce. Despite this premium, local prices have still dropped by Rs500.

The Association also reported that silver rates increased by Rs13 to Rs6,949, while the 10-gram rate fell by Rs11 to Rs5,957. This mixed performance in precious metal prices may be of interest to investors and traders tracking the markets.