The price of 24-karat gold per tola witnessed a significant decrease of Rs5,000, falling from Rs431,562 to Rs426,562. This substantial slump was confirmed by the All Pakistan Sarafa Gems and Jewellers Association. The value of 10 grams of 24-karat gold also saw a parallel decline, dropping by Rs4,286 to a new rate of Rs365,708 from the previous Rs369,994.

The impact wasn’t limited to the highest purity. The rate for 10 grams of 22-karat gold decreased by Rs3,929, bringing its price down to Rs335,244 against the prior rate of Rs339,173. Additionally, silver prices also registered a noticeable downward trend. Silver per tola decreased by Rs93 to Rs5,329, and 10 grams of silver dropped by Rs80 to Rs4,568.

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A major reason for the domestic price fall is the significant slide in the international market. Globally, gold was traded at $4,042 per ounce, marking a decrease of $50 from its earlier rate of $4,092. Similarly, international silver prices also dropped sharply, standing at $50.57 per ounce, down $0.93 from the previous $51.50 level.

This drastic fall in gold and silver prices across the board strongly suggests that investors are moving away from safe-haven assets due to some strong global economic optimism or perhaps a major shift in monetary policy expectations.

For local consumers, this presents a potentially great, though perhaps temporary, opportunity to purchase the precious metal at a significantly reduced rate.