Gold prices saw a significant drop in both the local and international markets on Tuesday, marking one of the steepest single-day declines in recent weeks. In Pakistan, the price of gold per tola fell by Rs14,000, bringing the new rate to Rs416,362, according to figures released by the All Pakistan Gems and Jewellers Association.
Similarly, the price of 10 grams of gold slipped by Rs12,003, now standing at Rs356,963 in the local market.
The sharp decline came on the heels of a global market dip, where gold prices dropped by $140 per ounce, settling around $3,940 internationally.
Market experts attributed the fall to international bullion trends and noted that the local market remains sluggish due to high inflation and unstable currency rates. Jewellers anticipate further price adjustments if the global downward trend continues in the coming days.
