Gold price in Pakistan witnessed the biggest drop in history in a single day on Tuesday following a decline in the global prices of the yellow metal.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-carat gold fell by a massive Rs14,000 per tola, bringing it down to Rs416,362.
In the local market, the price of 10 grams of 24-carat gold decreased by Rs12,003, settling at Rs356,963. Similarly, 10 grams of 22-carat gold were sold at Rs327,227, down by a good Rs11,004 compared to the previous day.
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On the international front, gold dropped by a huge $140, reaching $3,940 per ounce, reflecting a consistent downward trend driven by strengthening global currencies and cautious investor sentiment.
Silver also declines
Silver prices followed suit, recording significant declines, as 24-karat silver per tola fell by Rs173 to Rs4,924, while 10 grams of silver dropped by Rs148 to Rs4,221.
Analysts note that fluctuations in the interbank exchange rate and uncertainty in global demand continue to impact precious metal prices in Pakistan. Investors are expected to watch both currency movements and international gold market trends closely in the coming days.
