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Gold prices in Pakistan witnessed a sharp decline on Tuesday with gold saw a massive drop of Rs 14,000 per tola driven by a major correction in international bullion markets, according to the All Pakistan Gems and Jewellers Association (APGJA).
The price of 24-karat gold dropped by Rs14,000 per tola, bringing the new rate to Rs416,362, while 10 grams of 24-karat gold decreased by Rs12,003, now trading at Rs356,963.
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Similarly, 22-karat gold fell by Rs11,004, reaching Rs327,227 per tola.
Silver prices mirrored the same downward trajectory. 24-karat silver fell by Rs173 per tola to Rs4,924, and 10 grams of silver dropped by Rs148, now priced at Rs4,221.
In the international market, gold prices plunged by $140 per ounce, settling at $3,940, while silver declined by $1.73 per ounce.
READ: Gold Prices surge in Pakistan amid global market gains
Analysts attribute the global decline to profit-taking by investors and expectations of further tightening in U.S. monetary policy, which pushed the dollar higher.
It is worth noting here that, in recent days, gold prices in Pakistan rise continues unabated, reaching a record high after constant increase.
In the international bullion market, the price of gold per ounce after reaching all-time high of $4,198, drop sharply.
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Following the global trend, local gold markets also saw a significant rise, with the price of 24-karat gold was selling at record high at Rs440,900.
