ISLAMABAD: The prices of gold experienced a notable decline in the local market on Friday, as per the latest data released by the All Pakistan Sarafa Gems and Jewellers Association. The rate of 24 karat gold per tola decreased by Rs1,469, settling at Rs467,816 compared to the previous trading day's closing of Rs469,285.
Drop in Gold Rates for 10 Grams
Similarly, the price of 10 grams of 24 karat gold saw a reduction of Rs1,323, bringing it to Rs401,012 from Rs402,335. In parallel, 10 grams of 22 karat gold declined by Rs1,197, reaching Rs367,624 against the earlier figure of Rs368,821.
International Gold Market Trends
On the global front, the price of gold also witnessed a downturn, decreasing by $14.689 to $4,453.810 per ounce from the previous level of $4,468.499. This decline reflects broader market sentiments affecting precious metals worldwide.
Silver Prices Also Fall
In addition to gold, silver prices in the domestic market also recorded a decrease. The price of silver per tola dropped by Rs67, settling at Rs7,730 from Rs7,797. Meanwhile, the rate for 10 grams of silver declined by Rs61 to Rs6,623 compared to Rs6,684.
Internationally, silver prices followed suit, falling by $0.669 to $72.520 per ounce from $73.189. These movements indicate a bearish trend in precious metals, which is also reflected in the Pakistan Stock Exchange (PSX), which turned bearish and lost over 696 points.
