Gold Price Surge Halts
Karachi: The hurried increase in gold prices has come to a halt as the local market saw a significant decline. Gold prices fell by Rs. 11,700 per tola, bringing the new rate to Rs. 352,000 tola. Likewise, the price of 10 grams of gold reduced by Rs. 10,031, settling at Rs. 301,783. In international market, gold prices fell by $116 per ounce, rate down to $3,338 per ounce.
Gold prices in local market cut down abruptly by Rs. 11,700 tola, now 350,000, among rising international market instability triggered by the U.S. tariff policies.
Despite the drop, gold leftovers out of reach for many consumers, mainly women, due to reduced purchasing power. Prices are Rs. 50,000–60,000 per tola since Ramadan.
According to industry representatives, including Mr. Abdullah Razzaq Chand, Vice President of Tariq Road Jewelers Association, international price climbs have caused noteworthy disturbance locally. Mr. Muhammad Arshad, the Chairman of All Pakistan Jewelers Manufacturers Association warned that ongoing US-China financial strains could further impact gold prices and destabilize forex markets.
