KARACHI: The downward trend in gold prices in Pakistan continued on the first day of the business week, with a massive reduction of thousands of rupees recorded once again.
According to the All Pakistan Gems and Jewellers Association, the price of gold fell by Rs21,500 per tola on Monday, bringing the new rate to Rs490,362 per tola.
Similarly, the price of 10 grams of gold declined by Rs18,433, settling at Rs420,406.
It is noteworthy that over the past three days, gold prices have dropped by a cumulative Rs82,500 per tola, marking one of the steepest short-term declines in recent times.
Meanwhile, in the international market, gold prices fell by $215 to $4,676 per ounce, which also contributed to the sharp correction in local prices.
Earlier, largest decline in gold prices in the country’s history has been recorded, bringing significant relief to buyers.
According to the All Pakistan Gems and Jewellers Association (APGJA), the price of gold per tola has dropped by Rs 35,500, after which the new rate stands at Rs 537,362 per tola.
Similarly, the price of 10 grams of gold has decreased by Rs 30,435, bringing it down to Rs 460,701.
In the international market, gold prices have also witnessed a sharp fall, declining by $355 to $5,150 per ounce.
It is noteworthy that during the previous two days, gold prices had surged by more than Rs 42,000, making the current decline the steepest single-day drop in Pakistan’s gold market history.
