Gold Prices Plunge Sharply in Pakistan and Global Markets
Gold prices experienced a dramatic decline both internationally and domestically, with rates plummeting by $104 per ounce globally and a substantial Rs10,400 per tola in Pakistan.
International Market
- Gold: Dropped by $104/oz, now priced at $3,221/oz
- Silver: Fell by $0.17, settling at $32.18/oz
Domestic Market (Pakistan)
According to the All Pakistan Sarafa and Jewellers Association:
- 24-Karat Gold:
Declined by Rs10,400
New price: Rs340,500 per tola - 10 Grams of Gold:
Declined by Rs8,917
New price: Rs291,923 - Silver:
Declined by Rs17 per tola
New price: Rs3,400 per tola
What’s Driving the Fall?
The sharp decline is attributed to:
- Global market corrections after recent highs
- Speculation in commodity trading
- Shifts in investor sentiment toward the US dollar and bond yields
Outlook
Analysts suggest that while this drop offers a buying opportunity for investors, continued volatility is expected in the short term due to global economic uncertainties.
