Gold prices crash sharply in Pakistan as the per tola rate drops by Rs. 8,600, reflecting a major fall in global bullion markets.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola decreased by Rs. 8,600, bringing the new rate to Rs. 519,962 across local bullion markets.

Similarly, the price of 10 grams of gold also recorded a significant drop of Rs. 7,373, settling at Rs. 445,783. The decline has provided temporary relief to buyers after recent record-high prices.

Market analysts said the reduction in local gold prices follows a sharp fall in international rates. In the global market, gold prices dropped by $86 per ounce, reaching $4,972 per ounce.

Traders noted that gold prices in Pakistan are closely linked to international trends, along with fluctuations in the rupee-dollar exchange rate. When global prices fall, local markets usually reflect the change immediately.

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Jewellers said the sudden drop has increased customer interest, as many buyers had been waiting for prices to ease before making purchases. However, experts warned that gold prices remain volatile and may change again depending on global economic conditions.

Gold remains a popular investment option in Pakistan, especially during times of inflation and economic uncertainty, as investors consider it a safe asset.