KARACHI: Gold prices in Pakistan plunged to record lows on Tuesday, marking the biggest single-day drop in the country’s history, in line with a global slump in the precious metal’s value.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-carat gold plummeted by Rs14,000 per tola, bringing the new rate to Rs416,362. The price of 10 grams of 24-carat gold also decreased by Rs12,003 to Rs356,963. Likewise, 10 grams of 22-carat gold were sold for Rs327,227, down by Rs11,004 from the previous day.
In the international market, gold prices dropped sharply by $140, settling at $3,940 per ounce, amid a strengthening of global currencies and growing caution among investors.
Silver prices
Silver prices also declined, with 24-karat silver per tola falling by Rs173 to Rs4,924, while 10 grams of silver dipped by Rs148 to Rs4,221.
Market analysts attributed the steep fall to volatility in the interbank exchange rate and uncertainty in global demand. They added that investors are likely to monitor currency movements and international trends closely as the precious metals market remains unpredictable.
