KARACHI – Gold prices in Pakistan witnessed a sharp decline on Tuesday, tracking losses in the international bullion market. The price of 24-karat gold per tola fell by a significant Rs7,000, bringing the new rate to Rs423,662, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Similarly, the rate for 10-gram gold decreased by Rs6,002, settling at Rs363,221. This dramatic shift comes after local gold prices had remained stable on Monday, closing the day at Rs430,662 per tola.
The decline is directly linked to a substantial drop in the international market, where spot gold prices fell by $70 to trade at $4,013 per ounce. The sell-off in precious metals was driven by a strengthening U.S. dollar and diminishing expectations for a U.S. interest rate cut next month, making gold, a non-interest-bearing asset, less attractive to global investors.
Mirroring the trend, the price of silver in the local market also saw a decrease of Rs123, with a tola now valued at Rs5,245.