KARACHI Gold prices in Pakistan witnessed a significant decline on Friday, reflecting a downward trend in the international bullion market.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola dropped by Rs8,600, bringing the new rate to Rs519,962.
Similarly, the price of 10 grams of gold decreased by Rs7,373 to settle at Rs445,783.
Meanwhile, in the global market, gold prices fell by $86 per ounce, reaching $4,972 per ounce.
Market analysts attribute the decline in domestic prices to fluctuations in international rates and currency movements, which directly impact bullion markets in Pakistan.
On the other hand, silver prices also recorded a notable decline in both international and domestic markets, following a downward trend in precious metals.
In the global market, the price of silver per ounce fell by $5.10, settling at $78.40 per ounce.
The drop in international rates impacted local bullion markets as well. In Pakistan’s domestic sarafa markets, the price of silver per tola decreased by Rs501 to reach Rs8, 324.
Similarly, the price of 10 grams of silver declined by Rs430, bringing it down to Rs7, 136.
Traders say the reduction in local prices is directly linked to fluctuations in global commodity markets and exchange rate movements, which influence precious metal rates in the country.
