Pakistan witnesses significant drop in gold prices
By News Desk
August 26, 2023 04:19 PM
In a noteworthy economic development, the value of gold has taken a sharp downturn in Pakistan, sparking reactions across the nation's financial and jewelry sectors.
According to the latest reports, a tola of 24-Karat gold has experienced a significant drop, plummeting by Rs 1000 to reach a new price of Rs 234,500.
Similarly, the price of ten grams of 24 Karat gold has declined by Rs 857, now valued at Rs 201,046. 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 jewelry crafting in Pakistan which is currently trading at Rs 184,292 per 10 grams.
On the international front, the global gold market has witnessed a modest dip as well. The international price per ounce fell by $5 to settle at $1,914. This alignment with the local decline suggests a broader trend impacting the precious metal's worth.
In contrast, the price of silver has remained stable in the Pakistani market. A tola of silver continues to be valued at Rs 2,850, bucking the trend observed in gold.