Gold prices witnessed a sharp decline both globally and in Pakistan on Friday, reversing the upward trend observed in recent weeks. This correction halted the consistent record highs seen in the global and local markets.
In the international bullion market, gold dropped by 33 per ounce, bringing the price down to3,305. This global dip directly impacted domestic rates in Pakistan.
In the local market, the price of 24-karat gold per tola fell significantly by Rs3,300, now standing at Rs348,700. Similarly, the price of 10 grams of 24-karat gold declined by Rs2,833, settling at Rs298,950.
Silver prices also followed suit. The per tola rate of silver decreased by Rs40, down to Rs3,497, while the 10-gram price slipped by Rs35 to Rs2,998.
According to market analysts, the correction is attributed to stabilising global demand and profit-taking after months of consistent gains. Traders have warned that the market may remain volatile, with fluctuations influenced by changing global economic indicators.
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