Gold Prices Plummet in Pakistan Amid Global Market Decline
Gold prices took a hit in Pakistan on Monday, plummeting by Rs3,800 per tola. The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) announced that 24-karat gold had dropped to Rs453,336 per tola, while the price of 10-gram gold fell by Rs3,258 to Rs388,662.
The decline in gold prices is linked to a decrease in international bullion rates. According to APSGJA, global gold rates have fallen by $38, settling at $4,308 per ounce.
Local gold prices in Pakistan are typically benchmarked to global rates with an additional premium of $20 per ounce. As a result, the recent drop in international rates has had a direct impact on the local market.
The price of silver also decreased by Rs122 to Rs6,802, and its 10-gram rate dropped by Rs105 to Rs5,831.