Gold prices in Pakistan witnessed a sharp decline on Monday, mirroring a significant downturn in the international bullion market.
According to figures released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola dropped by Rs. 5,500, bringing the new rate to Rs. 470,162 in the local market.
Similarly, the price of 10 grams of gold also moved lower, falling by Rs. 4,715 to settle at Rs. 403,088.
The decline comes just days after an upward move, when gold prices had increased by Rs. 2,300 per tola on Saturday, pushing the rate to Rs. 475,662.
On the global front, gold prices recorded a notable fall of $55, with the international rate sliding to $4,478 per ounce, inclusive of a $20 premium.
Silver prices also followed the downward trend, as the price per tola declined by Rs. 332, settling at Rs. 8,075 in the domestic market.
Market observers attribute the correction to fluctuations in global precious metal prices, as investors reassess positions following recent highs.
