Local gold prices fall by Rs500 per tola amid drop in global rates

The decline in 24-carat gold brought gold prices to Rs246,000 from previous Rs246,500

In local markets, the price of 24-carat gold per tola fell by Rs500, dropping to Rs246,000 from Rs246,500.

This decrease reflects the significant drop in the international bullion market, where gold prices declined by $17 to settle at $2,400 per ounce. This decline followed a previous decrease of $16, which had brought the price down to $2,417 the day before.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10-gram gold dropped by Rs428 per tola, bringing it to Rs219,479.

Read Gold soars to record high

A price dip has been observed since Saturday 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.

APGJSA reported that bullion increased by $26 per ounce (31.10 grams) to $2,468 at the time of determining the local market price.