KARACHI: Gold prices fell sharply by Rs. 8,900 in Pakistan on Tuesday, following a major decline in the international market.
According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of gold per tola dropped by Rs8,900 and reached Rs485,062. The price of 10 grams of gold also went down by Rs7,630 to Rs415,862. In the international market, gold prices decreased by $89 per ounce and settled at $4,627.
Silver prices also recorded a decline. The international price of silver fell by $2.38 per ounce to $73.27. In Pakistan, silver dropped by Rs238 per tola to Rs7,811, while the price of 10 grams of silver fell by Rs204 to Rs6,696.
The decline came after recent ups and downs in the bullion market. A day earlier, gold prices in Pakistan had increased by Rs800 per tola to Rs493,962, while the price of 10 grams had risen by Rs686 to Rs423,492.
Market experts said gold prices are being affected by changes in global markets, uncertainty in the world economy and tensions between the United States and Iran. Investors often move towards gold during uncertain times, but prices can also fall quickly when market conditions change.
The latest decline shows that gold prices remain highly unstable, both locally and internationally. Traders and buyers are expected to closely follow global market trends before making major buying or selling decisions.
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