Gold and silver prices are witnessing a continuous decline both globally and locally, with record drops reported in recent trading sessions. Today, gold prices dropped by $215 per ounce in the international market, bringing gold to $4,676 per ounce.
Local Gold Market Update
The decline is also evident in Pakistan’s local markets:
- 24-carat gold: 492,200 PKR per tola
- 22-carat gold: 451,183 PKR per tola
- 21-carat gold: 430,675 PKR per tola
This represents a massive drop of 30,000 PKR per tola in local gold prices.
Silver Prices Falling
Silver prices are also decreasing:
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10 grams silver: 11,500 PKR per tola
The downward trend follows yesterday’s declines:
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International gold prices fell by $255 per ounce, trading at $4,895 per ounce.
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Overall, gold dropped 12% globally while silver fell by 30%, trading at $83 per ounce.
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In Pakistan, yesterday 24-carat gold was 537,362 PKR per tola, while 10 grams of gold fell to 422,324 PKR per 10 grams.
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Silver dropped by 2,063 PKR, reaching 9,006 PKR per tola.
What This Means
This historic decline impacts investors, traders, and regular buyers alike. Analysts say global market pressures and currency fluctuations are contributing factors. For Pakistan, this is an opportunity for potential buyers, but caution is advised due to ongoing market volatility.
Conclusion
Both gold and silver prices are in historic correction mode, reflecting global market trends and local economic factors. Investors and buyers should stay updated as prices remain volatile.
