Gold and silver prices continued to decline for the third consecutive day in both global and local markets, with prices dropping by thousands of rupees and falling significantly from recent peak levels.
According to a report by the All Pakistan Gems and Jewellers Association, gold prices fell in local bullion markets on Monday, the first trading day of the week, pushing both global and domestic gold prices below their recent highs.
The report stated that the price of 24-karat gold in Pakistan dropped by Rs21,500 per tola, bringing the new price down to Rs490,362 per tola.
Similarly, the price of 10 grams of gold declined by Rs18,433 to settle at Rs420,406, according to the association.
In the international market, gold prices also recorded a decline, with the per-ounce rate falling by $215 to $4,676.
Silver prices also followed a downward trend in the domestic market. The price of silver per tola dropped by Rs1,601 to Rs8,405, while the price of 10 grams of silver fell by Rs516 to Rs7,205.
In the global market, silver prices declined further by $6.01 per ounce, bringing the international silver rate down to $79.30 per ounce.
Over the past three days, the price of gold per tola in local markets has dropped by a cumulative Rs82,500, while global gold prices have fallen by $826 per ounce, highlighting significant volatility in precious metals markets at both domestic and international levels.
It is worth noting that on the last trading day of the previous business week, gold prices in Pakistan fell by Rs25,500 per tola, while international gold prices dropped by $255 per ounce.
