Gold prices in Pakistan took a sudden tumble on Tuesday, dropping by Rs.1,000 per tola in just 24 hours. This brought the price of 24-carat gold down to Rs.211,000 per tola, and the price of 22-carat gold down to Rs.193,417 per tola.
The drop in gold prices is believed to be due to a combination of factors, including a decline in international gold prices and a strengthening of the Pakistani rupee against the US dollar. The US dollar has reached its lowest level in six weeks against the Pakistani rupee after the government cracked down on currency dealers.
This is good news for consumers, who will now be able to buy gold at a lower price. However, it is bad news for gold investors, who will see their returns diminish.
If you are looking to buy gold, now is a good time to do so. However, if you are already a gold investor, you may want to consider holding on to your investment, as gold prices are expected to rebound in the long term.