Gold Price Plummets by Rs4,200 Per Tola in Pakistan

On Thursday, gold prices in Pakistan experienced a significant decline. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the cost per tola for 24-carat gold dropped by Rs4,200, setting the new price at Rs352,700.

In a similar vein, the cost of 10 grams of gold dropped by Rs3,601 and is currently priced at Rs302,383. This decrease came after a brief surge of Rs800 per tola on the previous Wednesday, where the rate had reached Rs356,900.

The decrease mirrored worldwide patterns. On the global stage, gold fell by $42 to rest at $3,343 per ounce, factoring in a premium of $20. This adjustment on an international level probably initiated the dip in domestic pricing.

The price of silver likewise decreased marginally. The rate per tola for silver has declined by Rs65, currently resting at Rs3,417, indicating slight downward pressure across the broader precious metals market.

Experts in the market suggest that this steep decline might present a potential buying chance for investors or consumers as we approach the season with higher demand. Nonetheless, ongoing worldwide uncertainties may lead to further price swings in the coming days.