KARACHI: Pakistan has witnessed another significant decline in gold prices, bringing relief to buyers.
According to the All Pakistan Gems and Jewellers Association (APGJA), the price of gold per tola fell by Rs21,400 on Monday, after which the new rate settled at Rs507,762 per tola.
Similarly, the price of 10 grams of gold dropped by Rs18,347, bringing it down to Rs435,324.
Meanwhile, in the international market, gold prices also recorded a sharp fall of $214, with gold now trading at $4,850 per ounce.
Market analysts attribute the decline to fluctuations in the global bullion market and changing investor sentiment.
Earlier, Gold prices have skyrocketed to record-breaking levels in Pakistan today, causing a ripple effect across the market.
According to the All Pakistan Gems and Jewellers Association (APGJA), gold prices have surged by Rs14,800 per tola, reaching an extraordinary Rs 529,162 per tola nationwide. This latest hike has left many buyers in shock, as the cost of the precious metal continues its upward trajectory.
Along with the surge in gold prices, the cost of 10 grams of gold has also seen a dramatic increase of Rs12,689, bringing the new price to Rs 453,671.
The increase in gold prices follows a consistent trend of hikes in recent months, sparking concerns among consumers and investors alike, who are worried about further rises in the coming days.
In the global market, the situation is equally unsettling. The price of gold per ounce has climbed by $148, now reaching $5,064. This global surge has significantly impacted local markets, with experts predicting that the price of gold could continue to rise due to global inflation, economic instability, and fluctuations in currency values.
Silver has not been spared from this upward trend. Silver per tola has risen by Rs109, bringing it to Rs9,255, while 10 grams of silver has increased by Rs93, now priced at Rs 7,934.
