Gold prices in Pakistan experienced on Tuesday a significant decline, plummeting by Rs 7,800 per tola – the largest single-day decrease in recent times.

Safdar Abbas of Aaj News says this marks the first such a substantial drop in Pakistan’s gold market history.

Following the decrease, the price per tola of gold now stands at Rs 240,900. The price of 10 grams of gold also witnessed a reduction of Rs 6,687, bringing the 10-gram price of gold to Rs206,533.

This decline is attributed to a decrease in the global market price, where prices fell by $72 per ounce.

Haji Haroon of theAll-Pakistan Sarafa Gems and Jewellers Association (APSGJA) told Aaj News that the drop in gold prices is linked to the easing of tensions between Iran and Israel. Previously, escalating tensions had contributed to a rise in gold prices, he said.