Gold Prices Plummet in Pakistan Amid Global Decline

Pakistan's gold market saw a sharp decline on Saturday, August 29, as global prices dropped. The price of 24-karat gold fell Rs15,100 per tola to Rs467,936, while silver declined by Rs397 per tola to Rs7,112.

The decline in international bullion prices is significant, with a drop of $151 per ounce from $4,605 to $4,454. However, the local market does not necessarily move in tandem with global prices due to domestic market conditions.

Investors are closely monitoring Middle East tensions and diplomatic efforts, which continue to impact precious metals markets. Despite this, the sharp decline in gold and silver prices suggests a stronger influence from international market movements.