Gold prices decline by Rs 3,400 per tola in Pakistan as global rates fall

Gold prices in Pakistan experienced a significant decrease on Thursday, following a notable drop in global markets. The price of gold per tola in the local market fell by Rs 3,400.

This decline comes as international gold prices dropped by $34 per ounce. Market observers noted that the reduction in global rates directly influenced the domestic market, leading to the sharp decrease in gold prices across Pakistan.

While gold saw a considerable decline, silver prices showed a different trend. Silver edged higher in the global market, although specific figures regarding the increase were not provided.

Jewellers and traders in Pakistan attributed the fall in gold prices to the downward movement in international rates. The adjustment in local prices is seen as a reflection of the global market's performance, which continues to impact precious metals trading in the country.

Market participants are closely monitoring further developments, as fluctuations in global prices are expected to continue influencing the local precious metals market. No additional details regarding the causes behind the global price changes were mentioned in the reports.