KARACHI: Gold and silver prices dropped sharply in Pakistan on Wednesday, tracking losses in international markets, according to the All Pakistan Sarafa Gems and Jewelers Association.
The association said the global price of gold fell by $68 per ounce to $4,480, leading to another significant decline in domestic bullion rates.
In Pakistan, the price of gold per tola fell by Rs. 6,800 to Rs 470,362. The price of 10 grams of gold dropped by Rs. 5,830 rupees to Rs 403,259 rupees.
Silver prices also declined, with the rate per tola falling by Rs. 125 rupees to Rs. 7,974 rupees.
Gold is traditionally considered a safe-haven investment and tends to gain value during periods of inflation and political or economic uncertainty.
More read, Gold, silver prices continue slide in global, domestic markets
Pakistan revised its gold pricing mechanism last year, under which domestic gold prices are set at $20 per ounce above international market rates.
