A decrease in gold prices was recorded in Pakistan, which is a result of a drop in international gold prices, as reported by national media on Wednesday.
In the local bullion market, the price of gold per tola decreased by Rs. 700 and was sold at Rs. 359,000. According to data released by the All Pakistan Gems and Jewellers Sarafa Association, the price of 10 grams of gold decreased by Rs. 600 and reached Rs. 307,784. These prices will remain effective until this afternoon.
Earlier, on Monday, the price of gold per tola had increased by Rs. 1,600, closing at Rs. 359,700. The decrease on Tuesday partially offset Monday’s increase. The downward trend in gold prices continued in the international market as well, where the price of gold per ounce fell by $7, reaching $3,365 (including a $20 premium).
Meanwhile, a significant drop in silver prices was also recorded. The price of silver per tola fell by Rs. 73, reaching Rs. 4,014, which is likely to affect other sectors of the jewelry industry.
According to experts, this decrease in gold and silver prices is due to uncertainty in global financial markets and fluctuations in the value of the US dollar, and the local market has followed the same trend.
