Gold, silver prices drop sharply in Pakistan and global market
The price of 24-karat gold dropped by Rs3,600 per tola in the local market, bringing the new rate to Rs465,536, according to the All Pakistan Sarafa Gems and Jewellers Association.
The decline was also seen in gold prices measured by weight. The rate of 10 grams of 24-karat gold decreased by Rs3,086 to Rs399,122.
Similarly, 10 grams of 22-karat gold became cheaper by Rs2,829, taking its price down to Rs365,875.
Gold prices also fall in global market
Gold prices also moved lower in the international market, adding to the decline recorded locally.
According to the association, the international price of gold fell by $36 to $4,430 per ounce.
The movement in international gold prices is closely watched in Pakistan because global rates can influence local bullion prices, along with currency exchange rates and other market factors.
For people planning to buy gold, the latest decline may provide some relief after the precious metal had remained at a high level.
However, daily gold rates can change quickly depending on movements in international markets and local market conditions.
Silver prices decline in Pakistan
Silver also recorded a decline in the domestic market.
The price of silver fell by Rs63 per tola, reaching Rs7,098. The price of 10 grams of silver also decreased by Rs54 to Rs6,085.
The drop was not limited to Pakistan. International silver prices also moved lower during the latest trading session.
The association said the international price of silver declined by $0.63 to $66.19 per ounce.
The fall in both gold and silver prices shows that precious metals faced selling pressure in both local and international markets.
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International market remains important
The international precious metals market remains an important factor behind daily price changes in Pakistan.
When international gold or silver prices move, local markets generally adjust their rates based on the broader market situation and currency movements.
The latest figures therefore offer a snapshot of the market rather than a guarantee that prices will continue falling.
Traders and buyers will continue watching international prices for signs of whether the recent decline will continue or reverse.
