Gold rates drop massively

KARACHI: The gold rates in Pakistan on Monday experienced a sudden drop, moving the cost of 24-karat gold to Rs248,700 per tola after seeing a price drop of Rs3500.

Dealers reported a similar dip in the price of 10 grams of 24-karat gold, which has gone down by Rs3021 to now trade at Rs213,220.

Furthermore, the price of 10 grams of 22-karat gold also showed a drop to trade at Rs195,452.

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The price of 24-karat silver is currently standing at Rs2,750. Internationally also, the gold price saw a price drop of $30, reaching $2,381 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.