ISLAMABAD: Gold price witnessed a major drop in the domestic market after the yellow metal experienced a significant decrease in its rate in the international market, and the local market got some positive vibes.
The price of 24 karats of gold decreased Rs2,600 per tola and Rs2,229 per 10 grams to settle at Rs216,000 and Rs185,185, respectively, as per data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed.
Gold Price in International Market
The major decline in the domestic market was due to a decrease in prices in the international market. The gold price in the international market witnessed a decline of $31 per ounce to reach $2,003.
The drop in the price of the yellow metal comes a day after it reached to historical high and breached the Rs218,000-mark for the first time, where its price reached Rs218,600 per tola.
People have been shifting towards business in the yellow plate as the economic crisis in Pakistan has manifold since last year, and the local currency has lost more than half of its value against the American dollar.
According to the data shared by the association, the price of silver in the local market remained stable at a record high. The price of silver clocked in at Rs2,570 per tola and Rs2,203.36 per 10 grams.
