Pakistan Gold Prices Plummet as International Rates Decline
Gold prices in Pakistan plummeted on Thursday by as much as Rs5,600 per tola following a decline in international bullion rates. According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), 24-karat gold dropped to Rs448,336 per tola, while 10-gram gold fell to Rs384,375.
The price drop is directly linked to a decrease of $56 in international markets, where gold settled at $4,258 per ounce. Local prices are typically benchmarked to global rates with a premium of $20 per ounce. The decline in silver rates was also significant, decreasing by Rs171 to Rs6,837.
The price drops may have implications for the local jewelry industry and consumers who invest in gold. However, no specific views or reactions from industry representatives were mentioned in the source.