Unexpected gold price drop shocks buyers in Pakistan, worldwide

According to the All Pakistan Gems and Jewellers Association, gold prices in local markets saw a minor decline. The per tola price of 24-karat gold decreased by Rs500.

The price moved down from Rs475,362 to Rs474,862 in the domestic bullion markets. This change came as trading activity restarted after the Eid holidays.

The price of 10 grams of 24-karat gold also went down in the local market. It dropped by Rs429, bringing the new rate to Rs470,588.

In the international market, gold per ounce also saw a slight decrease. The global price fell by 5 dollars, moving from 4,530 dollars to 4,525 dollars per ounce.

It is worth noting that just a few days earlier, on May 26, gold prices had also dropped sharply. At that time, the per tola rate fell by Rs2,400 and international prices also decreased.

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This shows that the gold market is still under pressure after recent fluctuations. Traders believe prices may continue to move up and down depending on global demand and economic signals.

Gold prices are showing small but steady changes after Eid holidays. Local and global markets both moved slightly downward, showing weak demand. Traders are still unsure about the next direction. Prices may stay unstable for some time.