Gold prices in Pakistan have fallen sharply, giving some relief to buyers during these tough times of high inflation. According to the All Pakistan Gems and Jewelers Association, the price of gold per tola has dropped by Rs. 3,000, bringing the new rate down to Rs. 356,000 per tola.
Along with this, the price of 10 grams of gold has also gone down by Rs. 2,572, setting the new price at Rs. 305,212.
This sudden drop in local gold prices comes after global gold prices also fell. The global rate of gold went down by $30 and now stands at $3,335 per ounce. Before this decline, gold prices in the local market had been rising for four days straight.
Many people were worried that the increasing prices would make buying gold even harder, especially during wedding seasons and for those who buy gold as a safe investment.
The latest decrease has brought a small sigh of relief for buyers and jewelers alike. Jewelers say that when gold prices go too high, sales often drop because people wait for the rates to come down. This recent fall could help increase sales again, as more people might be willing to buy.
Experts believe that global market trends, the strength of the US dollar, and other economic factors continue to affect local gold prices.
While this drop is welcome news for buyers, many are keeping an eye on the market to see if rates will fall further or bounce back up in the coming days.
