KARACHI: Gold prices in Pakistan on Tuesday witnessed massive decrease in line with their drop in the international rates.
In the local market, the price of gold per tola fell by Rs7,000, settling at Rs270,500. Similarly, 10-gram gold dropped by Rs6,000, reaching Rs231,911, according to the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA). On Monday, the gold price declined by Rs1,300, ending the day at Rs277,500.
Internationally, gold prices also fell on Tuesday, with APGJSA reporting a rate of $2,593 per ounce (including a $20 premium), a decrease of $77 for the day.
Silver prices saw a decline as well, dropping by Rs50 to Rs3,250 per tola.
Last month, gold reached a record high of Rs287,900 per tola in Pakistan. The recent surge in gold prices is attributed to the rising demand for safe-haven assets due to Middle East conflicts and uncertainties surrounding the upcoming U.S. election.
