After a single-day increase in the domestic and global bullion market, gold and silver suddenly fell on Wednesday. According to the latest data released by the All Pakistan Bullion Gems and Jewelers Association, gold prices have witnessed the biggest single-day decline in Pakistan’s history, which has created a stir in the market.
The price of the best quality, i.e., 24-carat gold per tola, has seen a record drop of Rs 12,627 in the local bullion market, after which gold has reached the level of Rs 442,436 per tola. Similarly, the price of 10 grams of 24-carat gold also closed at Rs 378,170 after a major decline of Rs 11,364. The prices of 22-carat gold, which is most commonly used in the manufacture of jewelry, could not remain unaffected, and 10 grams of 22-carat gold became cheaper by Rs 10,277 to Rs 346,948.
This extraordinary decline in prices is directly related to the international market, where the value of gold in the global bullion market fell sharply. After a major decline of $ 126.27 per ounce during the global downturn, gold has returned to the level of $ 4,200, the full impact of which was transferred to the Pakistani market.
Along with gold, silver prices in the local market have also suffered a major shock. On Wednesday, the price of 24-carat silver per tola recorded a significant decline of Rs 385, after which its new rate has been fixed at Rs 6,929 per tola. Moreover, the price of 10 grams of silver has also come down to Rs 5,893 after a decline of Rs 352. Market experts say that this sudden and big decline in gold prices has been seen due to profit-taking by investors in the global market and major economic decisions.
Read also: Gold prices in Peshawar, check latest updates here
