Gold prices recorded a sharp fall in both the global and local markets on Tuesday. In Pakistan, the price of 24 karat gold per tola dropped by Rs10,400, settling at Rs432,236 compared to the previous rate of Rs442,636.
As per the rates shared by the All Pakistan Sarafa Gems and Jewellers Association, the price of 10 grams of 24 karat gold decreased by Rs9,360 to Rs368,985 from Rs378,345. The rate of 10 grams of 22 karat gold also went down by Rs8,508 to Rs338,575, compared with Rs347,083 earlier.
In the international market, gold prices slipped by $104 to $4,098 per ounce from $4,202.
Silver also followed a downward trend. In the local market, silver per tola fell by Rs487 to Rs6,664 from Rs7,151, while 10 grams of silver declined by Rs438 to Rs5,641 from Rs6,079.
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International silver prices also dropped by $4.861 to $61.853 per ounce from $66.714.
Earlier on Friday, gold prices had already seen a sharp decline in both global and local markets. In the international bullion market, the price per ounce fell by $149 to $4,156.
In the domestic market, gold per tola had decreased by Rs14,900 to Rs438,036, while 10 grams of gold fell by Rs13,410 to Rs374,205.
Silver prices also went down at that time, with per tola rates slipping by Rs413 to Rs6,946 and 10 grams decreasing by Rs373 to Rs5,895.