Gold prices register big drop in Pakistan, global market

Gold prices witnessed a notable drop both in the international market and Pakistan on Monday, bringing much-needed relief to consumers after a massive consecutive surge over days. 

In the global market, gold prices declined by $26 per ounce, falling to $2,331. This international slump directly impacted local rates, with the price of gold in Pakistan decreasing by Rs. 2,600 per tola. 

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola saw a decrease of Rs2,600 to reach Rs351,500.

Similarly, the price of 10 grams of gold dropped by Rs 2,228, taking it to Rs 301,354. 

The global gold market also witnessed significant changes, with the price of gold per ounce falling by $26 to reach $3,331.

The consistent fluctuation in the precious metal market is largely attributed to changes in the global economy, inflation trends, and central bank policies.

The silver prices in Pakistan, however, remained stable, with the price of a tola of 24-karat silver remaining at Rs3,508, and the price for 10 grams of silver remaining unchanged at Rs3,007.