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Gold Plunges Sharply In Pakistan’s Market

Gold plunges sharply in Pakistan's market

Gold experienced a significant downturn in Pakistan’s local market on Friday following substantial gains in the preceding two sessions. According to data provided by the All Pakistan Gems and Jewellers Association, the price of one tola of gold plummeted by Rs4,200 to reach Rs228,200, while the price of 10 grams of gold dropped by Rs3,600.

In the global market, the price of gold also incurred losses, with the per ounce price settling at $2,165 after a $40 decrease.

Read more: Gold Prices In Pakistan Witness Substantial Increase

The day before, the price of one tola of gold had surged by Rs4,600, closing at Rs232,400. Similarly, the price of 10 grams of gold had risen by Rs3,943, settling at Rs199,245 in Pakistan’s domestic market.

This downward trend in gold prices in Pakistan’s market stands in stark contrast to the previous sessions, where notable increases were observed. The sudden decline suggests a shift in market dynamics or investor sentiment, possibly influenced by global economic factors or changes in demand-supply dynamics within the country.