Gold prices in Pakistan witness a sharp drop on May 11
The drop in gold prices was witnessed as the US dollar rate advanced!
Gold prices in Pakistan witness a sharp drop on Thursday, May 11!
The gold rate dropped by more than Rs2,000 per tola in Pakistan a day after reaching an all-time high.
The price of the yellow metal dropped sharply as there were jitters in the market due to the uncertainty surrounding the US debt ceiling.
A day earlier, the price of precious metal saw a massive increase of Rs9,900 due to the ongoing political turmoil that came after Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan and the Gold rate rose to Rs240,000 per tola.
According to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the rate of gold (24 carats) decreased by Rs2,700 per tola and Rs2,314 per 10 grams to reach Rs237,300 and Rs203,447, respectively.
In the international market, the gold rate stood at $2,038 per ounce after an increase of $7.
On the other hand, the sliver rates stood unchanged at Rs3,100 per tola and Rs2,657.7 per 10 grams.