The price of gold fell sharply in Pakistan’s capital following a significant reduction in the international market. Gold prices tumbled in Pakistan’s capital after the international price of gold came down sharply.
Gold prices in Pakistan saw a dramatic tumble on Monday, offering some relief to the buyers following a record highs in the precious metals market.
The 24-karat gold has decreased by Rs10,400 in the market to Rs432,236 per tola. The sharp decline comes after a significant decline in bullion prices on global markets.
The rates of both 10 grams 24-karat gold and 22-karat gold also fell, albeit by lesser amounts, at Rs368,985 and Rs30,405, respectively.
The latest rates of gold in Pakistan are provided below. Below are Gold Rates in Pakistan updated.
| Gold Weight | New Price |
|---|
| 1 Tola (24K) | Rs. 432,236 |
| 10 Grams (24K) | Rs. 368,985 |
| 10 Grams (22K) | Rs. 338,575 |
The drop is blamed by market analyst on the drop in the price of gold in the international market and on the fluctuation of investor moods in the international financial markets.
Gold prices in the international market fell over $100/ounce, leading a decline in domestic gold prices in Pakistan. Jewelers and bullion traders also said they saw more demand for the products from buyers who wanted to buy at lower prices.
Silver prices also continued their downward trend. There was a significant drop in silver prices in both the local and international markets, which were generally experiencing a slump in precious metals trading.
The International economic developments, currency fluctuations and investor demands may influence the prices of gold in the future days, experts noted. Purchasers and investors are encouraged to observe market trends prior to a big buy.
The current drop is part of a series of volatile commodity movements seen throughout the world in the past few weeks, as precious metals have surged up and down by large amounts.
Consumers with plans to buy gold would benefit in the meantime from the decrease in prices as they contemplate gold for investment, marriage or jewelry use.
