The value of yellow metal was lost in the international and Pakistani markets this week as the gold prices dropped by Rs23,300 per tola in the last four days.
According to the 24News HD TV channel, the value of gold has taken a sharp downturn in Pakistan on Thursday as a tola of 24-karat gold has experienced a significant drop, plummeting by Rs5,800 to reach a new price of Rs2,16,500.
Similarly, the price of ten grams of 24 Karat gold has declined by Rs4,972, now valued at Rs1,85,614.
This sudden shift in pricing has left many market observers intrigued and businesses recalibrating their strategies.
Notably, the reverberations of this decrease in gold prices have also rippled through the pricing of 22-karat gold, a popular choice for jewellery crafting in Pakistan which is currently trading at Rs 1,70,146 per 10 grams.
On the international front, the global gold market has witnessed a decrease in the prices of the yellow metal. The international price per ounce fell by $5 to settle at $1,921 on Thursday.
The price of silver has also decreased by Rs50 per tola to Rs2,650 per tola in the Pakistani market. Similarly, the price of 10 grams of 24 karats of gold also decreased by Rs42.87 to Rs2271.94.
Pertinent to mention here that the rates of gold were reduced by Rs10,500 per tola yesterday (Wednesday) while the price of yellow metal was also decreased by Rs6,300 per tola last Tuesday and Rs700 last Monday.