Gold prices register big drop in Pakistan

Gold prices in Pakistan registered a significant drop on Monday, tracking losses in the international market, according to data released by the All-Pakistan Gems and Jewellers Sarafa Association.

In the local bullion market, the price of gold per tola fell by Rs4,900 to settle at Rs501,162. Similarly, the rate for 10 grams of gold decreased by Rs4,201, bringing it down to Rs429,665.

The decline follows a recent upward trend. On Saturday, gold prices had surged by Rs4,500 per tola, closing at Rs506,062.

Internationally, gold prices also moved downward. The global rate dropped by $49 per ounce to reach $4,788, including a premium of $20, reflecting weaker trends in the global bullion market.

Meanwhile, silver prices mirrored the downward trajectory. The price of silver per tola declined by Rs145, settling at Rs8,417 in the domestic market.