KARACHI: Gold prices witnessed an unprecedented single-day decline on Monday, with rates tumbling both in the domestic and international markets.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold fell by a staggering Rs.43,600 per tola, bringing the rate down to Rs.447,762. The 10-gram price of 24-karat gold also dropped sharply, settling at Rs.383,883.
The slump mirrored global trends, where the price of gold per ounce registered a major fall of $436, reducing the international rate to $4,250.
Silver prices followed suit, recording a drop of Rs.800 per tola. The new rate stood at Rs.6,884 per tola, while 10 grams of silver were priced at Rs.5901.
Market observers described the decline as one of the steepest in recent memory, attributing it to volatility in international bullion markets and fluctuations in currency exchange rates.
