Gold prices in Pakistan witnessed a significant decline on Friday in line with a sharp fall in international markets, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA).
The price of 24-karat gold per tola decreased by Rs35,500, bringing the new rate down to Rs537,362. Similarly, the price of 10 grams of 24-karat gold dropped by Rs30,435, settling at Rs460,701.
Meanwhile, 10 grams of 22-karat gold fell by Rs27,900, reaching Rs422,324.
On the global front, international gold prices declined by $355, with the new rate recorded at $5,150 per ounce, which directly impacted local bullion markets.
Silver prices also followed the downward trend. The rate of silver per tola decreased by Rs1,106 to Rs11,069, while 10 grams of silver dropped by Rs949, reaching Rs9,489. International silver prices fell by $11.06, closing at $105.94.
Traders attributed the sharp decline to fluctuations in international bullion markets and currency exchange movements, as local gold rates are calculated based on interbank exchange rates.
Market analysts say the drop may encourage short-term buying in the domestic jewellery market, though volatility is expected to continue.
https://archive.mmnews.tv/gold-falls-oil-surges-global-markets/
