ISLAMABAD: Gold prices saw a significant decline in both the international market and Pakistan on Monday, giving consumers much-needed relief after several days of continuous increases.
In the global market, gold prices declined by $26 per ounce, falling to $2,331. This international slump directly impacted local rates, with the price of gold in Pakistan decreasing by Rs. 2,600 per tola.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola fell by Rs. 2,600 to Rs. 351,500.
Similarly, the price of 10 grams of gold fell by Rs. 2,228 to Rs. 301,354.
Significant changes were also seen in the global gold market, with the price of gold per ounce falling by $26 to $3,331.
The major reasons for the continued volatility in the precious metal market are the global economy, inflation trends and changes in central bank policies.
However, silver prices in Pakistan remained stable, with the price of 24-karat silver remaining at Rs 3,508 per tola and the price of 10 grams of silver remaining at Rs 3,007.
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