KARACHI: Gold prices saw a major drop in Pakistan on Saturday, falling by Rs10,600 per tola in local markets.
According to the All Pakistan Gems and Jewellers Association, the new price of 24-karat gold now stands at Rs446,300 per tola. The price of 10 grams of gold also declined by Rs9,088, settling at Rs382,630.
In the international market, gold followed a similar trend, slipping by $106 to close at $4,252 per ounce.
Market experts attributed the sharp decline to global bullion fluctuations and a slight recovery of the Pakistani rupee against the US dollar.
It is worth noting that just two days ago, gold prices had climbed by Rs14,000 per tola, after already rising Rs1,900 earlier in the week.