Gold price drops by nearly Rs13,000 per tola in Pakistan
The sharp fall came after a major decline in international gold prices. Gold prices moved lower across Pakistan’s local bullion market on Wednesday. According to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of one tola of gold dropped by Rs12,627 to settle at Rs442,436.
The decline was also seen in the price of 10 grams of gold. The rate fell by Rs11,364, taking the new price to Rs378,170.
Just a day earlier, the gold market had moved in the opposite direction. On Tuesday, the price of one tola of gold increased by Rs2,830 and reached Rs455,063.
The latest drop followed a major downturn in the international bullion market. Global gold prices fell by $126 per ounce, bringing the international rate down to $4,200 per ounce, including a premium of $20.
Silver prices also recorded a notable decrease during the trading session. The price of silver per tola declined by Rs385 and settled at Rs6,929.
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Market observers say international price movements continue to play a key role in determining local gold rates. Any further changes in global economic conditions could influence gold prices in Pakistan in the coming days.
The sharp decline has provided temporary relief to people planning to buy gold. However, frequent ups and downs show that the market remains uncertain.
Investors are closely watching international trends before making new decisions. If global prices continue to fall, local gold rates may see further reductions.
