KARACHI – Gold prices in Pakistan have witnessed a sharp decline, with the price of one tola dropping by a substantial Rs35,500.
According to the All Pakistan Jewelers Association, the new price of one tola of gold is now Rs537,362.
Similarly, the price of 10 grams of gold has decreased by Rs30,435, now standing at Rs460,701.
The global market has also seen a decrease in gold prices, with the price of gold per ounce dropping by $335 to $5,150.
Additionally, silver prices have followed a similar downward trend, with one tola of silver becoming Rs1,106 cheaper, now priced at Rs11,069 per tola.
Experts suggest that the drop in gold prices can be attributed to the strengthening of the US dollar in international market and investors seeking profits.
This has led to a decrease in demand for gold as a safe-haven asset. Traditionally, gold has been considered a secure investment during times of inflation or economic and political instability, which has led to its value rising in such periods.
It is important to note that Pakistan had revised the method for determining gold prices last year, setting them 20 dollars higher than the international market rate. This change was made to align gold pricing with global fluctuations and local market conditions.
