The jewellery market in Pakistan witnessed another great fall in gold prices on Friday.
The value of the yellow metal was lost in the Pakistani markets this week as the gold prices dropped by Rs27,300 per tola.
According to the 24News HD TV channel, the value of gold has taken a sharp downturn in Pakistan on Friday as a tola of 24-karat gold has experienced a significant drop, plummeting by Rs4,000 to reach a new price of Rs2,12,500.
Similarly, the price of ten grams of 24 Karat gold has declined by Rs3,430, now valued at Rs1,82,184.
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 1,67,002 per 10 grams.
On the other hand, the global gold market has witnessed an increase in the prices of the yellow metal. The international price per ounce raised by $2 to settle at $1,923 on Friday.
The price of silver did not change and traded at Rs2,650 per tola and Rs2271.94 per 10 grams in the Pakistani market.
Pertinent to mention here that the rates of gold were reduced by Rs5,800 per tola yesterday (Thursday), Rs10,500 per tola on last Wednesday, Rs6,300 per tola last Tuesday and Rs700 last Monday.