Gold prices plunge by Rs 14,000 per tola in Pakistan
At current prices, the looted gold is worth around $70 million. PHOTO: PIXABAY On Tuesday, gold prices in Pakistan took a sharp turn downward. The price of 24-karat gold per tola dropped by Rs 14,000 to reach Rs 416,362 , compared with the previous trading day’s rate of Rs 430,362. The plunge comes after a two-day pause in major movement and follows trends abroad. According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), 10 grams of 24-karat gold fell by Rs 12,003 — down from Rs 368,966 to Rs 356,963. At the same time, the 10-gram 22-karat gold rate dropped by Rs 11,004 to reach Rs 327,227 from Rs 338,231. What drove the drop? Several key factors combined to spark the drop in local gold rates: Global gold prices weakened significantly. The international benchmark dropped by roughly US $140 per ounce , taking the price down to around US $3,940 . The local market is heavily affected by these global shifts because much of Pakistan’s gold supply is imported. A ...