Karachi: After a sharp increase recorded a day earlier in both global and local gold markets, gold prices declined today, bringing rates down from record-high levels.
According to a report by the All Pakistan Gems and Jewellers Association, gold became cheaper in domestic bullion markets on Monday, the first day of the business week, following a downward trend in international and local prices.
The report stated that the price of one tola of 24-karat gold in Pakistan dropped by Rs5,500, bringing the per tola rate down to Rs470,162.
Similarly, the association reported that the price of 10 grams of gold fell by Rs4,715, reducing it to Rs403,088.
In the international market, the price of gold declined by $55 to $4,478 per ounce.
The report further noted that silver prices also witnessed a decline in the local market, with per tola silver falling by Rs332 to Rs8,075, while the price of 10 grams of silver dropped by Rs284 to Rs6,923.
It may be recalled that on the last day of the previous business week, Saturday, the price of gold per tola had increased by Rs2,300 in Pakistan, while gold in the global market had risen by $23 per ounce.
