Gold Prices Plunge After Reaching Historic High in Pakistan
In the international market, gold prices also registered a notable drop.
Karachi, Pakistan – Gold prices in Pakistan witnessed a significant decline on Saturday, after soaring to an all-time high just a day earlier. According to data from the All Pakistan Gems and Jewellers Association, the price of per tola (11.66 grams) of 24-karat gold fell sharply by Rs4,700, settling at Rs301,500. Similarly, the price of 10 grams of gold decreased by Rs4,030, bringing it to Rs258,487.
In the international market, gold prices also registered a notable drop. The price of gold per ounce fell by $50, reaching $2,883.
Just a day before this dramatic fall, gold prices had surged to record levels, both locally and internationally. The price of 24-karat gold had climbed by Rs2,200 per tola, hitting an unprecedented Rs306,200. Likewise, the price of 10 grams of gold rose by Rs1,886, reaching Rs262,517.
Reports indicate that the volatility in gold prices has been driven by increased investment in gold, as investors seek to protect their assets from currency devaluation. The sharp fluctuations reflect growing uncertainty in the global precious metals market.
Read more: Gold Rate in Pakistan today – February 12, 2025
Experts believe that the uncertain economic environment and inflationary pressures are likely to continue influencing gold prices in the coming weeks.
