Gold prices drop Rs900 per tola

KARACHI: Gold prices fell by Rs900 per tola on Thursday in the local market, tracking a decline in international rates. According to the All Pakistan Sarafa Gems and Jewellers Association, gold prices dropped to Rs298,700 per tola.

Similarly, the price of 10-gram gold decreased by Rs772, bringing it down to Rs256,087. In the international market, gold rates fell by $9, settling at $2,859 per ounce. Local gold prices are typically adjusted with a premium of $20 over international rates.

Silver prices also declined, with rates dropping by Rs23 to Rs3,327 per tola. The price of 10-gram silver decreased by Rs20, reaching Rs2,852. The decline in gold prices comes after a series of record-breaking highs over recent weeks.

While the drop offers some relief to potential gold buyers, jewellers remain cautious about market volatility. “It is too soon to tell if this is a trend reversal or just a temporary dip,” said a jeweller. Investors and market stakeholders will continue to closely monitor international developments, which remain crucial in determining the trajectory of gold prices.