Gold and silver prices continued to fall in both international and domestic markets on Friday. In the international bullion market, gold dropped by $81 per ounce, reaching $4,686.
In Pakistan, the price of gold per tola decreased by Rs8,100 to Rs491,362, while the price per 10 grams fell by Rs6,945 to Rs421,263. Silver prices also declined, with the per tola rate dropping by Rs50 to Rs7,684 and the price per 10 grams decreasing by Rs43 to Rs6,587.
On Thursday, gold prices in Pakistan had plunged, following a steep fall in the international market, where bullion extended losses for a seventh straight session amid rising geopolitical tensions and concerns about inflation.
Domestically, the price of gold per tola fell by Rs24,300 to Rs499,462, according to the All-Pakistan Gems and Jewellers Sarafa Association. The price of 10 grams of gold dropped by Rs20,833 to Rs428,208. Silver also saw a decline, falling by Rs760 to Rs7,734 per tola.
Read Also: Punjab govt orders salary reductions for officers and ministers
The sharp drop came after gold prices had remained steady at Rs523,762 per tola on Wednesday, reflecting increased volatility in the local bullion market.
Globally, spot gold fell nearly 4 percent to $4,629.29 per ounce by late Thursday morning, marking its lowest level since early February. Meanwhile, US gold futures for April delivery declined 5.4 percent to $4,632.40 per ounce, according to Reuters.