Gold Prices Tumble in Global and Local Markets

The prices of gold and silver have witnessed a significant decline in the global and local markets, with gold prices plummeting in both markets due to a drop in the international rate. Local dealers hail the decline as a boon for consumers.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola in the local market decreased by Rs300 on Saturday, bringing it down to Rs274,400. The 10-gram gold price also witnessed a decrease of Rs257, landing at Rs235,254. In the international market, the price of gold per ounce dropped by $3, settling at $2,632. Silver prices, however, remained constant in the local market.

The recent decline in gold prices has been attributed to a significant drop in the international rate. The APGJSA reports that the international rate of gold has decreased, leading to a subsequent decline in the local market. According to the association, the price of gold per tola in the local market has dropped by Rs300, making it more affordable for consumers. This decline has been welcomed by local dealers, who believe that it will boost consumer demand for gold jewelry and other gold-based products.

The recent price drop is the second significant decline in gold prices in the local market within a short period. Earlier this week, the price of gold had decreased by Rs1,000 per tola, taking the price to Rs274,700 per tola. The 10-gram gold price also witnessed a decline of Rs857, landing at Rs235,511. In the international market, gold rates have decreased by $10 to $2,635 per ounce.

As the prices of gold continue to fluctuate in the global and local markets, consumers are expected to benefit from the recent decline. The decline in gold prices is expected to boost consumer demand for gold jewelry and other gold-based products, providing a fillip to the gem and jewelry industry in Pakistan.