Gold price drops by more than Rs5,000 per tola in local market

WEB DESK: The price of 24 karat gold witnessed a massive decline on fourth trading day of the week. According to All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), the price of precious metal dropped by Rs5,400 per tola.

Now, the price of 24 karat gold stands at Rs276,800 per tola in the local market.

Experts attribute this massive decline to the recent reduction in international gold rates as the market had been anticipating a surge in gold prices had Kamala Harris won the US Elections, but the situation reversed after Trump’s win.

The price of ten gramme gold in Pakistan was recorded Rs4,630 down at Rs237,311. Following the reduction, one gramme gold is now priced at Rs23,731 in the local market.

For those unaware, gold rates were recorded at an all-time high of Rs287,900 per tola in the previous week.

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