KARACHI ( News Desk) — The price of gold took a sharp fall in the local market, dropping by Rs3,500 per tola on Monday as global prices slipped once again.
According to the All Pakistan Gems and Jewellers Association, the price of 24-karat gold now stands at Rs420,362 per tola, down from the previous Rs423,862. Similarly, the rate for 10 grams of gold has gone down by Rs3,001, settling at Rs360,392.
In the international market, gold lost ground as well, declining by $35 to reach $3,980 per ounce.
Read also: Gold prices take a nosedive once again
Analysts say the fall in global prices and a stronger dollar have put pressure on the local market. Jewelers believe that the demand has slightly cooled off as buyers wait for rates to stabilize.
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