KARACHI: Gold and silver prices in Pakistan experienced their largest single-day decline, a significant drop after previously reaching record highs.
As reported by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold per tola plunged by Rs10,600, settling at Rs446,300 in the domestic market.
The price for 10 grams of 24-karat gold fell by Rs9,088 to stand at Rs382,630, whereas 10 grams of 22-karat gold declined by Rs8,331, bringing its rate down to Rs350,756.
Globally, gold prices also took a hit, dropping by $106 to reach $4,252 per ounce. Market experts attribute this downturn to the strengthening of the US dollar and shifting interest rate expectations, which have driven investors toward traditional safe-haven assets like gold.
Silver prices have also experienced a decline.
Silver prices in Pakistan mirrored this downward trend. The price of 24-karat silver per tola decreased by Rs231 to reach Rs5,273, while 10 grams of silver were sold for Rs4,520.
