Karachi: The All Pakistan Gems and Jewellers Association reports that gold prices in Pakistan fell significantly, with a loss of Rs. 2,700 a tola lowering the price to Rs. 286,400.
The fall was not confined to tola rates; the price for 10 grams of gold dropped by Rs. 2,315, now valued at Rs. 245,541.
With gold losing $26 per ounce and finishing at $2,741, the whole market reflected this declining trend.
This dramatic drop follows a lesser loss of Rs. 300 per tola seen in the local market only yesterday. Investors and dealers are attentively observing the volatility of the market as local and worldwide economic events still influence gold rates.
For those monitoring precious metals, the current state of affairs offers a chance for buyers; sellers remain wary in view of the erratic trading patterns.