Gold prices in Pakistan saw a sharp drop on Tuesday, with the price per tola falling by Rs. 7,000 to settle at Rs. 270,500. This decline follows a global decrease in gold rates, reflecting the trend in the local bullion markets. The price of 10-gram gold also dropped by Rs. 6,000, bringing it down to Rs. 231,911, according to the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA).
This drop comes after a Rs. 1,300 decline on Monday when gold had closed at Rs. 277,500 per tola. In addition, silver prices also saw a reduction of Rs. 50, ending the day at Rs. 3,250 per tola.
On the international front, gold prices fell by $77 on Tuesday, reaching $2,593 per ounce, with a premium of $20. This global decline is attributed to investor caution ahead of key US economic data and comments from Federal Reserve officials, which may provide insight into future interest rate decisions.
Last month, gold prices in Pakistan reached a record high of Rs. 287,900 per tola, driven by geopolitical tensions in the Middle East and concerns surrounding the upcoming US elections. However, as global markets stabilize, gold prices have now retreated from these all-time highs.
