Gold price declines by Rs9,000 per tola

Karachi: The Gold price in Pakistan declined by Rs9,000 per tola on Tuesday.

As per the information provided by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the cost of 24-carat gold experienced a decline of Rs9,000 per tola, reaching a value of Rs2,06,000.

The price of 22-karat gold is fixed at Rs1,91,217 per tola while the price of 21 karats per tola gold sold for Rs1,82,525 in the Lahore Sarafa Market.

The price of 10 grams of silver is fixed at Rs2,700 per tola in the market.

The gold market in Pakistan witnessed a massive and unexpected drop in prices today, leaving consumers and investors baffled.

Earlier, the International gold prices fell on Monday as investors assessed the decision of the U.S. Federal Reserve officials regarding potential future interest rate hikes ahead of personal consumption expenditure (PCE) data due later this week.

International spot gold is currently trading at $1,922.22, down by 0.15% compared to the previous close.

To note, gold prices inched up by 0.09% last week, marking two consecutive weeks of appreciation.

Yesterday, the Sarafa Bazaar Association has not released the gold rates since the crackdown on gold speculators on Monday.