The price of 24-karat gold saw a sharp drop of Rs5,500 per tola on Monday, bringing it down to Rs470,162 from Rs475,662 recorded on the previous trading day, according to a report.
Data released by the All Pakistan Sarafa Gems and Jewellers Association showed that the price of 10 grams of 24-karat gold also fell by Rs4,715 to Rs403,088 compared to Rs407,803 earlier. Similarly, 10 grams of 22-karat gold declined by Rs4,323, settling at Rs369,510 instead of Rs373,833.
Gold prices in the international market followed the same downward trend, slipping by $55 to $4,478 per ounce from $4,533.
Silver prices also moved lower. The rate per tola dropped by Rs332 to Rs8,075, while 10 grams of silver decreased by Rs284 to Rs6,923. On the global market, silver prices fell by $3.32 to $76.00 per ounce.