Gold price plunges by Rs3,500 per tola in Pakistan

Price of gold in international market drops $33 per ounce to reach $2,010
An undated image of gold bars. — Canva

An undated image of gold bars. — Canva

Gold once again lost its shine, as it plunged by Rs3,500 per tola in Pakistan on Tuesday in line with global markets.

The price of gold (24 carats) decreased by Rs3,500 per tola and Rs3,001 per 10 grams to settle at Rs210,800 and Rs180,727, respectively, shows data provided by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA).

The sudden substantial dip in gold rates in Pakistan is mirroring the drop of $33 per ounce of gold in the international market to reach at $2,010.

Thus reduction in the rates of yellow metal also comes to break the stability streak that was settled over it, capping the gold price per tola and per 10 grams at Rs214,300 and Rs183,728, respectively. 

Following the suite, the cost of silver also registered a considerable drop of Rs20 per tola to settle at Rs2,580. Meanwhile, the rate of 10 grams silver stands at Rs2,212 after experiencing a decline of Rs17, as per the date revealed by the association.

The rise and fall of gold prices in Pakistan are impacted by political and economic instability, as well as increasing inflation and currency devaluation.