The bullion market in Pakistan witnessed major crash on Tuesday as Gold prices collapsed by over Rs 10,000 per tola, marking the most severe single-day market crash.
The price of 24-karat gold per tola plummeted by a staggering Rs 10,700, closing at Rs 459,462. This catastrophic drop erases a significant portion of the gains from the recent explosive rally.
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In per 10 grams, 24-karat gold crashed by Rs 9,174 to Rs 393,914. The price for 22-karat gold also collapsed, falling by Rs 8,410 to settle at Rs 361,100.
Internationally, the gold price per ounce plunged by $107 to $4,371.
Gold Rate in Pakistan – Gold Price Today Live Updates
Silver Price in Pakistan
Silver prices also fell sharply but were overshadowed by gold’s crash. The domestic price of silver per tola decreased by Rs 145 to Rs 7,930.
Silver per 10 grams followed, falling by Rs 125 to Rs 6,798, meanwhile, Globally, silver declined by $1.45 to $74.55 per ounce.
The correction in silver was significant but orderly compared to gold’s disorderly retreat. The gold price crash dominated all market headlines.
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Market analysts attribute the crash to a perfect storm of factors. Massive profit-taking, a strengthening US dollar, and reduced safe-haven demand all contributed.
The local rates, based on interbank exchange rates, are certified by the trade association. All listed prices are for 999 (24K) purity.
