KARACHI: Following global market trends, local markets on Monday saw a sharp drop in prices.
Gold became cheaper, with the price per tola falling by Rs4,900 to Rs501,162, while 10 grams gold decreased by Rs4,201 to Rs429,665.
Gold rates also declined in both international and domestic markets amid changing global economic conditions and ongoing geopolitical uncertainty. In the international bullion market, gold dropped by $49 per ounce to $4,788.
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Market observers linked the decline to global economic pressures, including rising war-related spending, reports of Turkey selling gold reserves to manage financial stress, and continued geopolitical tensions despite developments related to US-Iran diplomatic efforts.
Internationally, silver increased by $1.45 per ounce to $79.33. However, in the local market, prices moved downward, with per tola silver falling by Rs145 to Rs8,417 and 10 grams decreasing by Rs124 to Rs7,216.