ISLAMABAD: The price of gold witnessed a significant decline in the local market on Saturday, as per the rates issued by the All Pakistan Sarafa Gems and Jewellers Association. The price of 24 karat gold per tola dropped sharply by Rs12,489, settling at Rs455,327 compared to Rs467,816 on the previous trading day. This marks a notable decrease, reflecting a downward trend in the precious metals market.
Gold and Silver Rates in Local Market
Similarly, the price of 10 grams of 24 karat gold decreased by Rs11,240 to Rs389,772 from Rs401,012. Meanwhile, the price of 10 grams of 22 karat gold went down by Rs10,181 to Rs357,443 against Rs367,624. In the silver market, the price of silver per tola decreased by Rs463 to Rs7,267 from Rs7,730, while the price of 10 grams of silver declined by Rs421 to Rs6,202 from Rs6,623.
International Market Trends
In the international market, the price of gold decreased by $124.890 to $4,328.920 per ounce from $4,453.810. The price of silver in the international market also decreased by $4.635 to $67.885 per ounce from $72.520. These global declines align with the local market trends, indicating a broader correction in precious metals prices.
Market analysts attribute this drop to various factors, including strengthening of the US dollar and changes in investor sentiment. The downward movement in gold and silver prices may attract buyers looking for lower entry points, particularly in the local jewelry and investment sectors.
