There has been a major decrease in gold prices at both global and local levels.
According to the Sarafa Dealers Association, the price of gold in Pakistan has decreased by Rs. 24,300 per tola, bringing the new price down to Rs. 499,462 per tola.
The price of 10 grams of gold has also dropped by Rs. 20,833, reaching Rs. 428,208.
Gold prices in Pakistan are closely linked to international market trends and the value of the US dollar. When global gold prices fall, local prices in Pakistan also decrease.
Other big reasons for drop in prices are reduced demand for gold in global markets and investors shifting towards stocks or other assets.
This is also worth noting that gold in Pakistan had gone beyond the reach of common man in the last few months. In recent months, gold prices had reached record high levels due to global economic uncertainty and investors buying gold as a “safe haven.”
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