Gold prices declined sharply in Pakistan on Saturday, with the 24-karat rate falling by Rs. 4,300 per tola to Rs. 436,336.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 10 grams of 24-karat gold also dropped by Rs. 3,687 to Rs. 374,087. Meanwhile, 10 grams of 22-karat gold decreased by Rs. 3,380 and reached Rs. 342,925.
Gold Rates Decline In International Market
The decline also reflected weaker international gold prices during the latest trading session. The association reported that gold prices fell by $43 per ounce in the international market to reach $4,138.
Consequently, the drop in global rates contributed to the downward movement in domestic bullion prices. Market participants continued to monitor international trends as they assessed the latest changes in precious metals.
Silver Prices Also Record Significant Decline
Meanwhile, silver prices also declined in Pakistan on Saturday. The price of silver fell by Rs. 56 per tola to Rs. 6,522, while the rate for 10 grams decreased by Rs. 48 to Rs. 5,591.
The international silver market also recorded a decline during the session. According to the association, silver prices fell by $0.56 per ounce to $60.44.
The latest movements came as both gold and silver recorded losses in local and international markets. However, domestic precious metal prices can continue to fluctuate in response to changes in global rates and market conditions.
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