Gold Prices Plummet by Rs800 Per Tola in Pakistan

Gold prices took a hit in Pakistan on Tuesday, plummeting by Rs800 per tola. According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold dropped to Rs465,336 per tola, while 10-gram gold fell to Rs398,950 after declining by Rs686.

The decline in local prices is attributed to a fall in international bullion rates. In global markets, gold settled at $4,428 per ounce, down from the previous rate of $8. Local gold prices are typically benchmarked to global rates with a premium of $20 per ounce.

Additionally, silver rates also decreased by Rs50 to Rs7,129, while the 10-gram rate dropped by Rs43 to Rs6,111.