Gold prices in Pakistan witnessed a sharp decline on Monday after international bullion prices fell, making the precious metal significantly cheaper in the local market.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold per tola dropped by Rs3,800 to Rs429,736.
Similarly, the price of 10 grams of 24-karat gold decreased by Rs3,258, settling at Rs368,429.
The decline followed a fall in international bullion prices, where gold per ounce lost $38 to trade at $4,073.
Silver prices also moved lower. The price of silver per tola fell by Rs123 to Rs6,339, while 10 grams of silver declined by Rs106 to Rs5,434.
The APSGJA said local gold prices are determined based on movements in the international bullion market and the prevailing interbank exchange rate.
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