In a noteworthy economic development on Wednesday, the value of gold has taken a sharp downturn in Pakistan, sparking reactions across the nation's financial and jewellery sectors.

According to the latest reports, a tola of 24-Karat gold has experienced a significant drop, plummeting by Rs10,500 to reach a new price of Rs2,22,300.

Similarly, the price of ten grams of 24 Karat gold has declined by Rs9,002, now valued at Rs1,90,586. This sudden shift in pricing has left many market observers intrigued and businesses recalibrating their strategies.

Notably, the reverberations of this decrease in gold prices have also rippled through the pricing of 22-karat gold, a popular choice for jewellery crafting in Pakistan which is currently trading at Rs 1,74,704 per 10 grams.

On the international front, the global gold market has witnessed a decrease in the prices of the yellow metal. The international price per ounce fell by $5 to settle at $1,926 on Wednesday.

The price of silver has also decreased by Rs100 per tola to Rs2,700 per tola in the Pakistani market. Similarly, the price of 10 grams of 24 karats of gold also decreased by 85.73 to Rs2314.81.