Gold prices saw another sharp drop in both global and domestic markets, offering much needed relief to buyers across Pakistan.
The fall in international rates had a direct impact on the country’s bullion market, where prices of both gold and silver declined noticeably. The decrease comes as global prices continue to move downward.
The All Pakistan Sarafa Gems and Jewelers Association stated that the price of gold per tola in Pakistan has fallen by Rs9,000 following the slump in the international market. After the reduction, gold is now priced at Rs514,762 per tola.
The rate of 10 grams of gold also dropped by Rs7,716, bringing it down to Rs441,325.
In the global market, gold prices decreased by $90 per ounce, taking the international rate to $4,920 per ounce.
The recent decline is likely to affect buying activity in the local market over the next few days.