Sudden drop in gold prices shakes Pakistan’s market

ISLAMABAD:  The gold prices in Pakistan has dropped substantially with one tola of 24-karat gold priced at Rs. 205,000 while the rate for 10 grams is at Rs. 175,754.

For those interested in 22-karat gold, one tola of this variety was priced at Rs. 188,833, with the cost for 10 grams at Rs. 161,109, as reported by the bullion market.

The gold market in Pakistan has experienced an unexpected and substantial decline in prices for the fourth consecutive day, leaving both consumers and investors perplexed.

This abrupt fluctuation in gold prices has been primarily attributed to the influence of the international gold market, renowned for its inherent volatility.

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It is important to note that these prices are specific to local gold markets and Sarafa Markets across various cities in Pakistan.

However, the absence of official gold rates has left consumers visiting jewelry shops in a state of confusion.

The All Pakistan Gems and Jewelers Association, which traditionally provides daily gold prices, has refrained from doing so.

Consequently, individuals closely monitoring the gold market are advised to stay vigilant as rates continue to fluctuate based on global developments in the world of gold.