Gold prices plunge in local and global markets

KARACHI: The downward trend in gold prices continues both internationally and domestically, as the precious metal saw a sharp decline in value this week.

In the international bullion market, the price of gold per ounce dropped significantly by $35, bringing it down to $4,115. The fall in global prices has directly impacted the local market, leading to a notable reduction in rates across the country.

According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold per tola decreased by Rs3,500, bringing it to Rs433,862 per tola. Similarly, the price of 10 grams of gold fell by Rs3,001, now standing at Rs371,966.

Meanwhile, the price of silver remained unchanged at Rs5,110 per tola.

It is worth noting that just last week, gold prices had surged to a record high of Rs1,056,900 per tola, meaning the metal has shed Rs23,038 in value this week alone.

Analysts attribute the ongoing decline to fluctuations in the global bullion market, a stronger dollar, and easing investor demand for safe-haven assets.