Gold and silver prices witnessed a significant decline in Pakistan on Friday, bringing some relief to buyers. Gold lost Rs4,900 per tola in the local market, while silver prices also moved downward. The latest decrease followed a decline in international precious metal prices.
According to the All Pakistan Gems and Jewellers Sarafa Association, the price of 24-karat gold dropped to Rs411,636 per tola.
The decline also affected gold prices measured by weight. The price of 10 grams of 24-karat gold decreased by Rs4,201, reaching Rs352,911.
Similarly, 10 grams of 22-karat gold became cheaper by Rs3,851. Its new price stood at Rs323,513.
International Gold Prices Also Witness Decline
Gold prices also weakened in the international market on Friday. The price of gold fell by $49 per ounce, bringing the international rate to $3,891.
This international decline coincided with the reduction in domestic gold prices. Consequently, local buyers also witnessed a noticeable decrease in gold rates.
The latest movement has brought some relief to consumers facing elevated jewellery prices. However, market rates remain subject to further changes in international prices.
Silver Prices Drop in Pakistan and Global Markets
Silver also recorded a decline in both local and international markets. In Pakistan, the price of one tola of silver decreased by Rs111.
Following the reduction, silver traded at Rs5,467 per tola. Meanwhile, the price of 10 grams fell by Rs95 to Rs4,687.
International silver prices also moved lower during the trading session. The metal lost $1.11 per ounce, bringing its price to $49.89.
The simultaneous decline in gold and silver prices reflects the latest downward movement across precious metal markets. Meanwhile, buyers and investors will continue watching international price movements for further changes in local rates.
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