Gold prices dropped significantly both locally and internationally on Saturday, providing temporary relief to buyers but causing substantial losses for investors.
Market sources reported that the price of gold in Pakistan dropped suddenly by Rs25,500 per tola today, bringing the new rate to Rs511,862 per tola.
Similarly, the price of 10 grams of gold fell by Rs21,862, reaching Rs438,839.
Jewellers said the decline reflects trends in the global market. Internationally, gold fell by $255 per ounce, bringing the price to $4,895 per ounce.
Market analysts noted that global economic conditions, the value of the US dollar, and investor sentiment influence gold prices, a trend now evident in local markets.
Silver prices also declined, with the price of one tola dropping by Rs2,063 to reach Rs9,006.
Market insiders said the fall in gold and silver prices may stimulate some buying and selling activity, but the overall trend will depend on global market conditions in the coming days.