Gold prices tumble after reaching record high

In the international bullion market, the price of gold per ounce dropped by $16, bringing it down to $2,417 from the previous price of $2,433.

Consequently, in local markets on Monday, the price of 24-carat gold per tola decreased by Rs300, settling at Rs256,500. Similarly, the price of 10 grams of gold saw a decline of Rs258, reaching Rs219,907.

Read Gold soars to record high

On the other hand, the price of silver remained unchanged, with the cost per tola steady at Rs2,900 and 10 grams holding firm at Rs2,486.28.

On Friday, the price of gold reached an all-time high, with an increase of Rs2,400, and reaching an unprecedented level of Rs257,300.

However, yesterday a dip in prices was observed after gold surged to a new all-time high of Rs257,300 per tola (11.66 grams) in Pakistan. The surge was attributed to weaker US employment data and escalating political tensions in the Middle East.

The All Pakistan Sarafa Gems and Jewellers Association reported that bullion increased by $26 per ounce (31.10 grams) to $2,468 at the time of determining the local market price. Gold reached an intra-day high of $2,477, just $6 below the record high of $2,483 set on July 17, 2024.