Big fall in gold and silver prices as global trend reaches Pakistan
A noticeable drop in global gold prices has also affected Pakistan’s local bullion market. As a result, the prices of both gold and silver have moved lower across the country.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola has fallen by Rs1,000. After the reduction, the new price stands at Rs431,236.
The price of 24-karat gold per 10 grams has also declined by Rs730. It is now available at Rs369,715.
Silver prices have also recorded a significant decline in the local market. The association said the price of 24-karat silver per tola dropped by Rs271, bringing the new rate to Rs6,393.
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The fall in silver prices is expected to provide some relief to people buying silver jewellery and other silver products. Buyers may find better value if the lower prices continue.
In the international market, gold prices also remained under pressure. The price of gold fell by $10 per ounce and reached $4,088, which also influenced the local market.
Economic experts say that global economic conditions, the value of the US dollar, central bank policies and investor sentiment directly affect gold prices. They believe that if the same global trend continues, gold and silver prices in Pakistan may change further in the coming days.
Gold and silver prices usually move with international market trends. If global prices continue to fall, local buyers could see more relief, but future changes will depend on worldwide economic conditions.
