The domestic bullion market saw yet another drop in the prices of gold and silver in the last five consecutive days, according to the statement of the All-Pakistan Gems and Jewellers Sarafa Association, on Friday.
As per the announcement made by the association, the price of 24 karat gold per tola fell by Rs2,900. It was recorded at 490,862 rupees.
The sustained fall in the prices is an indication that the international market is witnessing a drop in its prices for the whole week due to heavy pressure.
International market shifts impacting local bullion rates
According to financial analysts, the reason behind this fall in price is a sharp decline in the global bullion market. Particularly, there was a fall of $29 per ounce in the global gold price. It set a new benchmark at $4,685.
In Pakistan, there was also a fall in 10 grams gold price to the tune of 2,486 rupees. This led to an overall price of 420,835 rupees.
It must be noted that these changes come after the previous decline of over 5,000 rupees on Thursday. This implies that the period of high volatility witnessed recently might end soon.
Silver prices follow the bearish trend across markets
The drop did not affect only gold. Silver also experienced a major fall in prices on Friday.
The price per tola of silver fell by 142 rupees. It settled at 7,957 rupees.
Moreover, the price of silver for 10 grams also fell to 6,821 rupees.
This will prove beneficial for consumers and jewelry makers, who have been grappling with soaring input costs.
In the end, however, it is important for buyers to keep abreast of the situation each day before taking any final decision regarding their investments.
