KARACHI – Gold prices in Pakistan dropped sharply on Tuesday, following a decline in the global bullion market. Internationally, the price of gold per ounce fell by $70, reaching $4,013.
The decrease in global rates directly affected the local market. The price of gold per tola fell by Rs7,000, settling at Rs423,662. Likewise, the price per 10 grams decreased by Rs6,002, reaching Rs363,221. Analysts say fluctuating trends in the international market have contributed to this sudden decline, affecting both investors and consumers in Pakistan.
The drop in gold prices comes amid modest gains in the Pakistani rupee. The currency appreciated slightly against the US dollar, according to the State Bank of Pakistan. The rupee strengthened by 1 paisa, reaching Rs280.71 per dollar in the interbank market.
Other foreign currencies also saw minor shifts. The Saudi Riyal was valued at Rs74.85, the Bahraini Dinar at Rs744.54, the Omani Rial at Rs729.12, the Kuwaiti Dinar at Rs915.29, and the Qatari Riyal at Rs77. In the open market, the US dollar was bought at Rs281.55 and sold at Rs281.80.
Market experts suggest that investors should monitor international trends closely, as gold prices are likely to remain volatile in the coming days. The precious metal is widely considered a safe-haven asset, but short-term fluctuations can impact trading and consumer purchases.
With global economic conditions continuing to shift, Pakistan’s local gold market is expected to track these movements. Traders advise buyers and sellers to exercise caution and follow price updates to make informed decisions.
In other news read more about Gold Rate Remains Unchanged In Pakistan
This recent drop highlights the strong correlation between international bullion trends and domestic gold rates, demonstrating the sensitivity of local markets to global economic changes.
