Gold and Silver Prices Plummet in Pakistan
The prices of gold witnessed a sharp decline in both global and local markets on Tuesday. According to rates issued by the All Pakistan Sarafa Gems and Jewellers Association, 24 karat gold per tola fell by Rs10,400 to settle at Rs432,236, down from Rs442,636 on the previous trading day. Similarly, the price of 10 grams of 24 karat gold decreased by Rs9,360 to Rs368,985 from Rs378,345, while 10 grams of 22 karat gold went down by Rs8,508 to Rs338,575 against Rs347,083.
International Market Trends
In the international market, the price of gold declined by $104.00 to $4,098.00 per ounce from $4,202.00. This global downturn contributed to the local price drop.
Silver Prices Also Slump
Silver prices also registered a significant decline. The price of silver per tola dropped by Rs487 to Rs6,664 from Rs7,151, while the price of 10 grams of silver decreased by Rs438 to Rs5,641 from Rs6,079. In the international market, silver fell by $4.861 to $61.853 per ounce from $66.714 per ounce.
Previous Day's Decline
On Friday, gold prices had already witnessed a sharp decline in global and local markets. In the international bullion market, the price of gold per ounce fell by $149 to $4,156. In the local market, the price of gold per tola decreased by Rs14,900 to Rs438,036. The price of 10 grams of gold also declined by Rs13,410 to Rs374,205. Similarly, silver prices also registered a decline, with silver per tola falling by Rs413 to Rs6,946 and 10 grams of silver dropping by Rs373 to Rs5,895.
