Gold and silver prices recorded a sharp decline on Tuesday, reversing the gains seen a day earlier in both the global and local markets.
In the international market, gold prices fell by $47 per ounce, dropping to $4,332 per ounce.
Following the global trend, prices in the local bullion market also declined significantly. The price of one tola of gold dropped by Rs. 4,700, settling at Rs. 455,562. Similarly, the price of 10 grams of gold decreased by Rs. 4,030, bringing it down to Rs. 390,570.
Silver prices also moved lower. The rate of one tola of silver declined by Rs. 106, with the new price recorded at Rs. 7,756.
Sharp Reversal After Previous Day’s Surge
It is worth noting that just a day earlier, gold and silver prices had seen a strong upward surge. In the global market, gold had jumped by $57 per ounce to reach $4,379 per ounce, while in the local market, the price of one tola of gold increased by Rs. 5,700, climbing to Rs. 460,262.
At the same time, 10 grams of gold had risen by Rs. 4,887 to Rs. 394,600, while silver prices surged by Rs. 227 per tola, reaching Rs. 7,862.
Market analysts say the latest decline reflects volatility in international bullion prices, driven by shifting investor sentiment and short-term profit-taking after the previous day’s rally.
