Gold rates decline massively by Rs 7800 per tola

KARACHI: The gold rates in Pakistan witnessed a sharp decline on Tuesday, moving the cost of 24-karat gold to Rs240,900 per tola after seeing a price dip of Rs7800.

Dealers reported a similar decline in the price of 10 grams of 24-karat gold, which has gone down by Rs6687 to now trade at Rs206,533. Furthermore, the price of 10 grams of 22-karat gold also showed a drop to trade at Rs189,322.

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The price of 24-karat silver is currently standing at Rs2,650. Internationally also, the gold price saw a price drop of $72, reaching $2,309 per ounce.

These movements are closely linked to changes in the value of the US Dollar, indicating the close relationship between currency values and gold prices. This underscores the impact of global economic factors on local gold markets.