Rs35 | Pakistan

KARACHI: The 10-gram and one-tola gold (24kt) on Friday recorded the highest ever single day drop of Rs30,435 and Rs35,500 to Rs 460,701 and Rs537,362, respectively. The 10-gram and one-tola silver (24kt) also fell to Rs9,489 and Rs11,069, showing a drop of Rs949 and Rs1,106. As per rates announced by All Pakistan Sarafa Gems and Jewellers Association (APSGJA), world gold rates recorded a massive single day record fall in world price to $5,150 per ounce, down by a record $355 per ounce. APSGJA President Mr Skikarpuri said “this is the biggest ever plunge in my entire career in the gold trade spanning over over five decades. In 1974, the per tola gold rate was Rs240.” He recalled that the world gold rate had fallen slowly to $245 per ounce from $852 in the entire 1980 period but it cannot match the abrupt single day drop of $355 per ounce on Friday. Spot gold and silver record worst single-day drop of 8.9pc and 21.92pc to $4,915.17 and $90.66 an ounce “The gold price is still unaffordable for many jewellery bu...