Gold prices witness significant drop in local market

KARACHI (92 News) - After reaching historic highs on Wednesday, gold prices on Thursday witnessed a significant drop in the local market due to a fall in international rates.

According to the All Pakistan Gem Merchants and Jewellers Association (APGMJA), the price of 24-karat gold dropped by Rs1,000 to Rs263,000 per tola.

Similarly, the price of 10 grams of 24-karat gold decreased by Rs857 to Rs225,480 per tola.

Also Read: Gold rates dip by Rs500 per tola to Rs256,800

The decline in local prices mirrors global trends. In the international market, the gold price fell by $8 to $2,518 per ounce.

Meanwhile, the price of silver remained unchanged at Rs2,900.

Last month, the price of gold in Pakistan touched an all-time high of Rs263,700 per tola.

Industry experts attribute the fluctuations in gold prices to global economic uncertainty and changes in international market.