KARACHI: Gold prices experienced a steep decline in both local and international markets on Friday, significantly reducing the value of the precious metal in Pakistan.
As reported by the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola plunged by Rs21,400, bringing it down to Rs507,762. Similarly, the rate for 10 grams of gold decreased by Rs18,347, settling at Rs435,324.
On the global stage, gold prices followed a similar downward trend, dropping by $214 to reach $4,850 per ounce.
Analysts point to several factors behind this sharp decline, including global economic pressures, fluctuations in the US dollar, and shifting investor sentiment. These combined influences have driven gold prices lower both internationally and within the local market.
