In a notable shift, the price of gold in Pakistan experienced one of its largest single-day declines in recent months, dropping by Rs. 7,000 per tola on Tuesday. According to the Karachi Sarafa Association, the price of 24-carat gold fell to Rs. 270,500 per tola, while the price for 10 grams decreased by Rs. 6,000, settling at Rs. 231,911.

The decline in gold prices was mirrored in the silver market, where 24-karat silver saw a reduction of Rs. 50 per tola, bringing the price to Rs. 3,250. The price for 10 grams of silver also fell by Rs. 43, now priced at Rs. 2,786.

This local market trend aligns with movements in the international market, where gold prices dropped by 1 percent, reaching their lowest levels in nearly two months. The decline is attributed to a strengthening US dollar, driven by anticipation of upcoming economic data and statements from Federal Reserve officials that may provide insights into future interest rate policies.

It is noteworthy that just last month, gold prices in Pakistan reached an all-time high of Rs. 287,900 per tola. Currently, gold is trading over Rs. 17,000 per tola below this record high, reflecting significant volatility in the precious metals market.