Pakistan, July 16 -- Gold prices in Pakistan dropped sharply on Wednesday. The rate fell by Rs3,000 per tola, bringing the new price to Rs356,000. This drop follows a Rs700 decrease just a day earlier, showing a steady downward trend in the market.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10 grams of gold also declined. It now stands at Rs305,212, down by Rs2,572 from the previous rate. This fall is directly linked to changes in global gold markets.

Globally, the price of gold slid to $3,335 per ounce, after a $30 drop. APGJSA reported this price includes a $20 premium. The decline in international gold prices has played a key role in pulling local rates down.

Despite the fall in gold, ...