KARACHI: Gold prices in Pakistan have experienced a significant and unexpected drop, with a remarkable decrease of nearly Rs10,000 per tola, despite an upward trend in the international market. Data reported by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) reveals that the price of 24-carat gold has plunged by Rs 9,450 settling at a new price of Rs191,650 per tola.
Concurrently, the price of 10 grams of gold has seen a substantial decline of over Rs8,000, concluding at Rs164,310. This sudden and substantial decline in gold prices over the past two days can be directly attributed to a correction in the value of the US dollar in the local open market.
The Pakistani gold market’s responsiveness to fluctuations in the US dollar emphasizes the intricate relationship between currency values and precious metals.
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