FILE PHOTO: Gold bars and coins are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, August 14, 2019. REUTERS/Michael Dalder
Gold prices crashed in Pakistan on Wednesday after international rates collapsed in the past 12 hours.
According to the All Pakistan Sarafa Gems and Jewelers Association, the price of gold per tola in Pakistan decreased by Rs. 12,627 to Rs. 442,436.
Based on available historical data, today’s drop means gold has fallen below Rs. 450,000 per tola for the first time in about 5 months.
The price of 10 grams of gold also depreciated by Rs. 11,364 to settle at Rs. 378,170.
Gold gained Rs. 2,830 on Tuesday to settle at Rs. 455,063.
In the international market, gold prices plunged by $126 to settle at $4,200 per ounce.
Silver also fell in value on the same day. It lost Rs. 385 to settle at Rs. 6,929 per tola on Wednesday.