ISLAMABAD (Kashmir English): After a record increase in gold prices in the country over the past two days, a major break has been recorded today, and a historic decline has been recorded in the local market.
According to a statement issued by the Sarafa Bazaar Association, the price of gold per tola has been significantly reduced by Rs 35,500, after which gold is being sold for Rs 537,362 per tola.
Similarly, the price of 10 grams of gold has been recorded to decrease by Rs 30,435, after which the new price of 10 grams of gold has been set at Rs 460,701.
On the other hand, a decrease has also been seen in the price of silver. The price of silver per tola has decreased by Rs 1,106 to Rs 11,069.
According to experts, due to the ongoing uncertainty in the global economy, geopolitical tensions, fluctuations in interest rates, and instability in currency markets, investors are increasing their purchases of gold and silver, considering them as safe investments, as a result of which the price trend continues to rise and fall.
Experts say that if the global situation does not improve, further fluctuations in gold and silver prices may be seen, which will directly affect the local market and consumers.
The United States is in first place in terms of gold reserves worldwide, while China has the largest gold reserves in Asia. India is eighth globally and second in Asia, while Pakistan is 49th in the global list.
According to the report, the US, Germany, and Italy are the top countries in terms of gold reserves, while China and India have the largest gold reserves in Asia. According to the World Gold Council, central banks of various countries bought more than 1,000 metric tons of gold in 2024, which is almost double the average annual purchase of the last decade.
