KARACHI: Gold prices in Pakistan experienced an unprecedented drop on Tuesday, marking the steepest single-day decline in the country’s history, influenced by a slump in global gold rates.
The All Pakistan Sarafa Gems and Jewellers Association reported that the price of 24-carat gold plunged by Rs14,000 per tola, bringing it down to Rs416,362. For 10 grams of 24-carat gold, the price fell by Rs12,003, settling at Rs356,963.
Globally, gold prices saw a sharp slide of $140, closing at $3,940 per ounce. This decline is largely attributed to a strengthening of major global currencies and cautious market sentiment among investors.
Silver prices also mirrored the downturn, with 24-carat silver per tola experiencing a drop of Rs173, now priced at Rs4,924. Similarly, 10 grams of silver fell by Rs148, landing at Rs4,221.
