A major decline in gold and silver prices has been recorded across the country, which has created a new situation in the jewelry market.

According to the All Pakistan Sarafa Association, gold has become cheaper by Rs 11,000 per tola to Rs 468,262. Similarly, the price of 10 grams of gold has become cheaper by Rs 9,430 to Rs 411,459.

A significant decline in the price of gold has also been seen in the global market, where gold has become cheaper by $ 110 per ounce to $ 4,455.

On the other hand, a decline in the price of silver has also been recorded. Silver has become cheaper by Rs 340 per tola to Rs 7,484, while 10 grams of silver is available for Rs 6,416 after a decrease of Rs 291. The price of silver per ounce in the global market has reached $ 70.

According to economists, this decline in gold prices is unusual, as gold is becoming cheaper despite the tense situation in the Middle East and the potential economic impact of the energy crisis. The main reason for this is inflationary pressure in the United States and expectations of interest rate increases, due to which the dollar is strengthening and investment in bonds is becoming more attractive for investors.

In addition, there has been a significant decrease in gold purchases in major gold markets, especially in the Gulf states and the Middle East, which has affected the supply and demand balance and increased pressure on prices.

Experts say that after the recent decline, gold has fallen by about 25 percent from its highest level in history, which indicates a significant trend in the global and local markets.