Gold rates fell significantly in Pakistan today. The price of 24-karat gold fell by Rs5,600 per tola on Friday. The All Pakistan Sarafa Gems and Jewellers Association said the value of gold stood at Rs 456,736 per tola.
The latest decline came as international gold prices also dropped significantly during the trading session.
Local gold rates
Meanwhile, the price of 24-karat gold per 10 grams decreased by Rs4,801 to Rs391,577. The price of 22-karat gold for 10 grams declined by Rs4,401, reaching Rs358,958. The association attributed the local movement to a sharp fall in international gold prices.
Furthermore, gold prices in the international market dropped by $56, reaching $4,342 per ounce. The decline in global prices contributed to the downward movement in domestic gold rates.
Silver prices also fall
Meanwhile, silver prices also recorded a notable decline in the local market on Friday. The price of silver fell by Rs253 per tola, settling at Rs6,871, according to the association.
Likewise, the price of 10 grams of silver decreased by Rs217 to Rs5,890. Internationally, silver prices also moved lower during the session.
According to the association, the international price of silver declined by $2.53 to $63.92 per ounce. Both gold and silver recorded significant losses in domestic and international markets.
Market participants will continue to monitor global bullion prices and other economic factors that could influence local precious metal rates.
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