Gold prices have experienced a major drop in both international and local markets today, causing a stir among traders and investors.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola dropped by Rs 3,400, settling at Rs 345,800. Similarly, the price of gold per 10 grams decreased by Rs 2,915, reaching Rs 296,467.

Meanwhile, the price of gold in the international bullion market fell by $34 per ounce, bringing it down to $3,276. This decline in the global market has been mirrored in local markets, where the price of gold has also seen a sharp decrease.

The decline in gold prices has raised concerns among investors and gold traders, as the commodity has long been viewed as a safe investment. However, fluctuations in global prices have a direct impact on local markets, and today’s significant drop is no exception.

Spot gold was down 1.3% at $3,274.10 an ounce, as of 1017 GMT. However, bullion was on track to log its fourth consecutive monthly gain, up nearly 5% so far in April.

US gold futures slipped 1.5% to $3,283.50.

Spot silver dipped 2.1% to $32.27 an ounce, platinum fell 1.1% to $966.86 and palladium lost 0.6% to $929.44.