Sharp drop in gold prices: 24-karat gold down by over Rs6,000 per tola

In a substantial decline aligned with global trends, gold prices in Pakistan saw a sharp decrease on Thursday. The price of 24-karat gold fell by Rs6,200, bringing the new rate to Rs242,000 per tola.

Notably, the current market price has been set Rs4,000 below its actual cost. This adjustment reflects a significant reduction in purchasing power within the country, impacting the gold market.

The Karachi Sarafa Association reported that the price of 24-karat gold per 10 grammes also dropped, now standing at Rs207,476 after a decrease of Rs5,315. Similarly, the price of 22-karat gold fell to Rs190,186 per 10 grammes.

Silver prices mirrored this downward trend in the domestic market. The price of 24-karat silver decreased to Rs2,800 per tola and Rs2,400.54 per 10 grammes, representing a fall of Rs50 per tola and Rs42.87 per 10 grammes.

On the international stage, spot gold prices have declined from recent record highs. The price per ounce fell by 0.62 per cent to $2,364 on Thursday, following a 1.74 per cent drop on Wednesday.

These price adjustments in both gold and silver highlight the ongoing volatility in the precious metals market, influenced by a combination of domestic economic factors and global financial trends.