Pakistan Gold Prices Plunge Amid Global Decline

Gold and silver prices have declined in Pakistan and globally. According to the All Pakistan Gems and Jewellers Association, the price of gold fell by Rs4,300 per tola to Rs436,336. The international price of gold also dropped $43 per ounce to $4,138.

The local market has seen a decrease in demand for gold due to its high price. However, it is traditionally regarded as a safe-haven asset, with demand often increasing during periods of inflation and economic or political uncertainty.

Pakistan recently changed its mechanism for determining domestic gold prices, setting the local rate at $20 per ounce above the international market price. This move may have contributed to the current decline in prices.