Gold prices in Pakistan plunged sharply after a steep drop in international gold markets. The decline has attracted the attention of investors, traders and consumers who follow daily fluctuations in precious metal prices.

According to the All Pakistan Sarafa Gems and Jewelers Association, the price of gold per tola went down by Rs4,400 to Rs471,762. The price of 10 grams of gold also declined by Rs3,773 to Rs404,459.

The latest plunge follows a rise in gold prices just days ago. Gold rose by Rs1,300 per tola on Saturday and closed at Rs476,162. However, the upward trend was reversed by changing conditions in the international market.

Market experts said any change in the world price of gold directly impacts the local prices in Pakistan. The fall in domestic prices was also attributed to the decline in the international gold price by $44 per ounce in the latest trading session.

Gold prices moved downwards while silver showed positive movement. The price of silver went up by Rs46 per tola to Rs8,059. This recovery brought some relief to traders in precious metals.

Gold is one of the most desired investments in Pakistan, especially in times of economic uncertainty. The recent price drop may be welcomed by wedding planners and jewellery buyers, while investors continue to watch market trends for future opportunities.

Experts advise buyers and investors to stay updated on daily gold rates as prices can change quickly due to developments in both local and international markets.

Credit: Independent News Pakistan (INP)