Gold prices sharply decrease in Pakistan

Karachi: Gold price decreased by Rs550 per tola in the domestic market on Monday.

According to all Pakistan Jewellers Manufacturers Association (APJMA), per tola gold price in the local market dropped by Rs550 per tola to settle at Rs130,400. The price of 10 grams of gold also decreased by Rs461 to Rs111,796.

In the international market, bullion prices dropped by $28 per ounce to settle at $1,957.

Earlier,  gold prices in Pakistan gained by Rs700 per tola to settle at Rs130,700. The price of the precious metal rose by Rs600 per 10 grams to settle at Rs112,054 per 10 grams, respectively.

In the international market, gold powered past the key $2,000 level as the Russia-Ukraine crisis fuelled worries of a supply squeeze of the metal.

Gold rates in Pakistan are around Rs7,500 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,480 per tola and Rs1,268.86 per 10 grams.