Steep international downturn drags local bullion rates lower, dealers cite market volatility
KARACHI: Gold prices in Pakistan recorded a sharp decline on Thursday, mirroring a significant سقوط in international bullion markets, traders said.
In the local market, the price of gold per tola dropped by Rs24,300 to settle at Rs499,462. Similarly, the rate for 10 grams fell by Rs20,833, reaching Rs428,208.
The downward trend followed a steep fall in global gold prices, where the metal lost $243 per ounce, settling at $4,767 in international trading.
Silver prices also moved lower in the domestic market. Per tola silver rates declined by Rs760 to Rs7,734, while the price of 10 grams decreased by Rs652 to Rs6,630.
Bullion dealers attributed the sharp drop to heightened volatility in global markets, which continues to influence local pricing trends. They noted that fluctuations in international rates, currency movements, and investor sentiment are key drivers behind the recent decline.
Market analysts suggest that ongoing uncertainty in global financial markets may keep precious metal prices under pressure in the near term, with further adjustments likely depending on international developments.
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