Commodities
Gold Prices Plummet in Pakistan as International Rates Drop
Gold prices in Pakistan took a hit on Friday, declining by Rs5,600 per tola. The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported that 24-karat gold dropped to Rs456,736 per tola, while the price of 10-gram gold fell Rs4,801 to Rs391,577.
The decline in gold prices is attributed to a decrease in international bullion rates. According to the APSGJA, the price of gold settled at $4,342 per ounce in the global market, down by $56 from its previous rate.
In Pakistan, local prices are benchmarked to global rates with an additional premium of $20 per ounce. As a result, the price drop is reflected in the domestic market, affecting consumers and traders alike.