Gold prices in Pakistan fall after historic rally

KARACHI: Gold prices in Pakistan fell sharply on Monday, reversing course from historic highs reached in the previous session, according to data released by market traders.

The price of 24-karat gold plunged by Rs10,400 per tola (11.66 grams) to settle at Rs432,236, the All Pakistan Supreme Jewelers Association said.

The significant decline follows a volatile trading period where the precious metal had jumped by Rs4,643 per tola in the prior session to briefly touch an all-time high of Rs442,636, driven by surging international markets and a weakening local currency.

Similarly, the price of 10-gram gold decreased by Rs9,360 on Monday to reach Rs368,985.

In the previous market session, the 10-gram price had gained Rs4,179 to hit a peak of Rs378,345.