Gold prices drop by thousands in Pakistan as global market slides
The decline in international gold prices has directly affected Pakistan's local bullion market. Gold became much cheaper as global rates moved lower.
According to market data, the international gold price fell by $46 per ounce and reached $4,050 per ounce. Following this decline, gold prices in Pakistan also recorded a significant drop.
The All Pakistan Sarafa Association said the price of one tola of gold decreased by Rs4,600. After the latest reduction, the new price of one tola of gold stands at Rs427,436.
The association also said the price of 10 grams of gold fell by Rs3,944. The new rate for 10 grams of gold is now Rs366,457.
Silver prices also moved down in the local market. The price of one tola of silver dropped by Rs61, bringing the new rate to Rs6,309.
This is the second consecutive day of falling gold prices in Pakistan. A day earlier, the price of one tola of gold had already declined by Rs1,800, reaching Rs432,036.
On the previous day, the price of 10 grams of gold had fallen by Rs1,543 to Rs370,401. Meanwhile, one tola of silver had become cheaper by Rs33, settling at Rs6,370.
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The latest fall shows how closely Pakistan's gold market follows international price movements. If global prices continue to weaken, local buyers may see more relief in the coming days.
The latest decline may encourage people planning to buy gold for investment or weddings. However, future prices will still depend on changes in the international market and global economic conditions
