Gold prices in Pakistan have taken a major hit, seeing a sharp decline after reaching record highs just a day earlier. On Saturday, the price of gold dropped significantly, causing a stir in the local market.
According to the All Pakistan Gems and Jewellers Association, the price of one tola of 24-karat gold fell by Rs4,700, bringing it down to Rs301,500. Similarly, the price of 10 grams of gold decreased by Rs4,030, now standing at Rs258,487.
The decline in gold prices is not just limited to Pakistan. The international gold market also witnessed a drop, with the price per ounce decreasing by $50, bringing it down to $2,883.
Just a day before this major fall, gold prices had reached an all-time high. The price of one tola of gold had surged by Rs2,200, hitting Rs306,200, while 10 grams of gold had climbed by Rs1,886 to reach Rs262,517.
Experts believe that the recent fluctuations in gold prices are linked to increased global investments in gold. Many investors are turning to gold as a safe asset to protect their wealth from economic instability and inflation. This increased demand has led to market uncertainty, making gold prices highly unpredictable.
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