The price of 24 karat gold per tola plunged by Rs1,900, selling at Rs347,500, compared to Rs349,400 just a day earlier, according to the All Pakistan Sarafa Gems and Jewelers Association.

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It wasn’t just per tola prices feeling the heat — the price of 10 grams of 24 karat gold also dropped by Rs1,629, now standing at Rs297,925, down from Rs299,554. Meanwhile, 10 grams of 22 karat gold slid by Rs1,494, bringing the price to Rs273,107, previously Rs274,601.

Silver wasn’t spared either. The price per tola silver dropped by Rs38, now at Rs3,428 from Rs3,466, and 10 grams of silver declined by Rs33, settling at Rs2,938 instead of Rs2,971.

On the global front, the international gold price dropped by $19, falling from $3,310 to $3,291. Silver prices followed suit, dropping by $0.38 to reach $32.70.

As analysts point to international market adjustments and changing investor sentiments, many now wonder — is this a temporary correction or the beginning of a deeper trend in precious metals?