Gold prices fall by thousands in Pakistan as global rates decline
The All Pakistan Sarafa Gems and Jewellers Association said the price of one tola of gold fell by Rs5,600 to Rs456,736. The price of 10 grams of gold also dropped by Rs4,801 to Rs391,577.
Global gold prices also decline
In the international market, gold prices fell by $56 to $4,342 per ounce. The sharp decline in global prices also affected rates in local markets.
Gold had already recorded a fall of Rs600 per tola a day earlier. The latest decline has now pushed local gold prices down further.
Silver prices also fall
Silver prices also declined in both international and local markets. The international price of silver fell by $2.53 to $63.92 per ounce.
Following the global decline, the local price of silver dropped by Rs253 per tola to Rs6,871. The price of 10 grams of silver also fell by Rs217 to Rs5,890.
Why gold prices keep changing
Experts say several factors can affect gold prices, including changes in global rates and the value of the US dollar. Global economic uncertainty and geopolitical tensions can also cause major price movements.
Gold is often considered a safe investment during periods of economic and political uncertainty. When demand for gold rises because of these concerns, its price can also increase.
The latest fall shows how closely Pakistan’s gold market is linked to international prices. Changes in global gold rates, the dollar and economic uncertainty can continue to affect local prices.
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