Gold prices continue downward trend in Pakistan
Gold price falls in local market
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold fell by Rs800 per tola. The new price stood at Rs437,336 per tola after the latest decline.
The price of 10 grams of 24-karat gold also dropped by Rs686 to Rs374,945. Meanwhile, 10 grams of 22-karat gold became cheaper by Rs628 and reached Rs343,712.
Silver prices also decline
The local price of silver also recorded a decline during the latest trading session. The price of one tola of silver fell by Rs20 to Rs6,558.
The price of 10 grams of silver dropped by Rs17 and reached Rs5,622. The decline in silver prices followed the downward trend seen in the local precious metals market.
Global gold and silver rates fall
In the international market, the price of gold fell by $8 per ounce to $4,148. The international price of silver also declined by $0.20 per ounce to $60.80.
The movement in global precious metal prices also remains an important factor for local market rates. Changes in international prices can affect gold and silver prices in Pakistan.
Gold prices had also fallen sharply earlier
Gold prices had recorded a much bigger decline in Pakistan during the previous session. The price of one tola of gold fell by Rs12,800, bringing it down to Rs438,136.
The latest Rs800 decline means gold prices have continued to move lower after the sharp fall recorded earlier. Market rates can continue to change with movements in international prices and local demand.
The gold market in Pakistan is currently showing a downward trend. Both gold and silver prices have declined in the local market, while international precious metal prices have also moved lower.
The recent fall follows a much larger decline in gold prices in the previous session. Further movements will depend on international prices and conditions in the local market.
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