Gold prices drop by Rs3,000 in local market

Gold prices in Pakistan fell significantly on Wednesday, depicting the downward trend in international markets. 

In the local market, the price of gold per tola dropped by Rs3,000, settling at Rs271,700, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

Similarly, the price of 10-gram gold decreased by Rs2,572, bringing it down to Rs232,939. On Tuesday, gold prices had also fallen by Rs1,000 to Rs274,700 per tola.

Globally, gold prices saw a decline on Wednesday, with the rate standing at $2,617 per ounce, including a $20 premium. This represented a drop of $30 during the day, according to APGJSA data.

In contrast, silver prices remained unchanged at Rs3,050 per tola.

Last month, gold prices in Pakistan reached an all-time high of Rs277,000 per tola.