Gold prices recorded a significant decline in Pakistan on Thursday, as the local bullion market followed a downward trend in international rates. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola dropped by Rs. 5,600 and settled at Rs. 448,336.
Likewise, the price of 10 grams of 24-karat gold decreased by Rs. 4,801, bringing the new rate to Rs. 384,375. Meanwhile, 10 grams of 22-karat gold also witnessed a decline of Rs. 4,401 and settled at Rs. 352,336.
International Gold Rates Decline
The drop in domestic prices came after a decline in the global gold market. The association reported that the international gold price fell by $56 per ounce and settled at $4,258.
As a result, local gold traders adjusted rates in line with global market movements. Analysts noted that fluctuations in international bullion prices often influence gold rates in Pakistan.
Silver Prices Also Move Lower
Silver prices also registered losses in both local and international markets. In Pakistan, the price of silver per tola fell by Rs. 171 and settled at Rs. 6,837.
Similarly, the rate for 10 grams of silver declined by Rs. 147, reaching Rs. 5,861. The downward trend reflected weaker international silver prices during the trading session.
The association further reported that silver prices in the global market dropped by $1.71 per ounce. Consequently, the international silver rate settled at $63.59 per ounce.
Market observers said precious metals remained under pressure due to changing global market conditions. However, traders continue to monitor international developments closely, as future price movements will depend largely on trends in the global bullion market.
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