Karachi (Web Desk): On Saturday, Pakistan’s gold and silver markets experienced a notable downturn as prices fell sharply, the All Pakistan Sarafa Gems and Jewellers Association reported.
Local trading saw the price of 24-karat gold per tola drop by Rs25,500, closing at Rs511,862. Meanwhile, 10 grams of 24-karat gold lost Rs21,862 in value, reaching Rs438,839, and 10 grams of 22-karat gold declined by Rs20,041 to settle at Rs402,283. The slump in domestic rates reflected global trends, where gold prices slipped by $255, ending at $4,895 per ounce.
Silver also faced a decline, with per tola silver falling by Rs2,063 to Rs9,006. The cost of 10 grams of silver decreased by Rs1,768, closing at Rs7,721. Internationally, silver prices dropped by $10.63 to $85.31.
Market analysts attribute the sharp declines to ongoing fluctuations in international commodity markets, which continue to exert pressure on local gold and silver rates, affecting both investors and buyers.