KARACHI: The price of 24-karat gold per tola witnessed a notable decline on Tuesday, dropping by Rs7,800 to Rs240,900 compared to its previous rate of Rs248,700.
Similarly, the price for 10 grams of 24-karat gold also experienced a decrease, falling by Rs6,687 to Rs206,533. Internationally, the price of gold saw a decrease of $72 to $2,309 from its previous rate of $2,411.
Spot gold faced a decline of 1.2% to reach $2,298.58 per ounce. In addition, silver and palladium touched their lowest levels since April 5, while platinum hit a three-week low.
The significant drop in gold prices on Monday, amounting to 2.7%, marked the largest intraday fall in 22 months.
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This decline comes after a remarkable rally in March and April, driving gold prices up by nearly $400 to an all-time high of $2,431.29 on April 12.
Platinum also experienced a decrease of 0.5%, reaching $912.65, while palladium saw a decline of 1.2% to $996.80.
The recent fluctuations in gold prices reflect the volatility of the precious metals market and its sensitivity to global economic conditions.