Gold rates drop sharply
Gold prices in Pakistan plunged on Monday, with 24-karat gold falling Rs43,600 per tola to Rs447,762, according to data released by the All Pakistan Sarafa Gems and Jewellers Associations.
The domestic bullion market recorded a steep decline across all major categories on March 23, reflecting a broad downward adjustment in line with international price movements and interbank exchange trends.
The price of 10 grams of 24-karat gold dropped Rs37,380 to Rs383,883, while 22-karat gold declined Rs34,266 to Rs351,905 per 10 grams.International gold prices also fell significantly, decreasing by $436 to $4,250, indicating a sharp correction in global bullion markets.
The local association stated that domestic rates are based on interbank exchange rates, linking currency fluctuations directly with bullion pricing.Silver prices followed a similar downward trend in the local market.
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The price of silver per tola dropped Rs800 to Rs6,884, while 10 grams of silver declined Rs686 to Rs5,901. In international markets, silver prices fell by $8 to $64, reinforcing the broader decline across precious metals.Market participants said the steep fall reflects synchronized pressure on both global commodity prices and currency-linked valuations.
The association’s official rate list showed uniform declines across purity categories, with 24-karat gold benchmarked at 999 purity