KARACHI: Gold prices in Pakistan fell sharply on Saturday, with the price of a tola dropping by Rs3,600, according to the All Pakistan Sarafa Gems and Jewellers Association.
Following the decline, the price of one tola of gold stood at Rs465,536, while the price of 10 grams fell by Rs3,086 to Rs399,122.
Meanwhile, gold prices also declined in the international market. The global price fell by $36 to $4,430 per ounce, according to the association.
The latest decline came a day after gold prices in Pakistan rose by Rs3,900 per tola.
Gold prices recently surged
Earlier, gold prices had also recorded a significant rise in international markets.
At one point, the spot gold price climbed as much as 2.9%, pushing the price above the $4,500-per-ounce level. Bloomberg reported that the increase was the biggest one-day gain in nearly two weeks.
At the same time, major currencies strengthened against the US dollar, including the Japanese yen, adding to movements in the global gold market.
Gold prices in Pakistan generally track international bullion rates, while movements in the rupee-dollar exchange rate can also influence local prices.
