Pakistan’s gold prices decline in line with the worldwide trend

Friday saw a significant drop in gold prices in Pakistan, following the worldwide trend.

The All Pakistan Sarafa Gems and Jewellers Association reports that the price of 24-karat gold fell by Rs3,300 per tola, reaching Rs501,562. In a same vein, the cost of 10 grams of gold dropped by Rs2,829 to Rs430,008.

The rate dropped to $4,792 per ounce due to a $33 decrease in gold prices on the global market.

In the meantime, silver prices declined as well; 24-karat silver per tola dropped by Rs. 70 to Rs. 8,444.

Market observers blame the drop on changes in global demand and currency volatility, which still have an impact on precious metal prices globally.