Gold prices plunge by Rs10,900 per tola in Pakistan

Gold prices in Pakistan dropped sharply on Thursday, with the price per tola falling by Rs10,900 to Rs416,536 following a decline in the international market.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 10 grams of gold decreased by Rs9,345 to Rs357,112.

In the international market, gold prices fell by $109 to $3,940 per ounce.

Gold prices had also declined on Wednesday, November 11, when the per-tola rate dropped by Rs3,400 to Rs427,436. The price of 10 grams fell by Rs2,915 to Rs366,457.

Gold prices in global and domestic markets are influenced by several factors, including movements in the US dollar, economic uncertainty, geopolitical tensions and investor sentiment.

Investors often turn to gold as a safe-haven asset during periods of economic and political uncertainty. Changes in global demand and the rupee-dollar exchange rate also affect gold prices in Pakistan.