KARACHI – Gold extended losses in domestic market of Pakistan on Thursday in line with dropping global prices.
Data shared by All Pakistan Gems and Jewellers Association showed per tola gold price plunged by Rs3,500 to settle at Rs433,862.
Similarly, the price of 10-gram gold fell by Rs3,001 with new rate hovering at Rs371,966.
The precious commodity also recorded significant drop in international market where it recorded a decline of $35 to reach $4,115.
A day earlier, the price of per tola decreased by Rs7,538 and was sold at Rs437,362.
Likewise, the price of 10 grams of 24 karat gold also fell by Rs6,463 to Rs374,967, while 10 grams of 22 karat gold was sold at Rs343,732, showing a decline of Rs5,924.
Meanwhile, inflation-weary people are feeling the pinch as prices of essential commodities have moved up. First-grade ghee and cooking oil are now priced at Rs582 per liter/kilogram after Rs10increase, while second-grade ghee and oil have climbed to Rs540 per liter/kilogram.
Sugar prices have also been affected, increasing by Rs2, bringing the cost to Rs179 per kilogram.
Market analysts said the rise is due to supply chain pressures and increasing global commodity rates, warning consumers to brace for further fluctuations in daily necessities.
Residents expressed concern over the hikes, with many stating that rising food costs are making household budgeting more challenging. Authorities have assured monitoring of the market to prevent any unfair practices that could worsen the burden on consumers.
Tomato prices also surged to Rs500–700 per kilogram, far above the official rate of Rs368 per kg.
