Gold Prices Drop Sharply as Global, Local Markets Extend Losses
Karachi: Gold prices continued their downward trend on Wednesday, falling for the fourth consecutive session in both international and local bullion markets.
In the international bullion market, the price of gold declined by $47 per ounce, bringing it down to $4,078 per ounce.
Following the global decline, local bullion markets witnessed a significant drop in gold prices. The price of 24-karat gold per tola fell by Rs4,700 to Rs430,236, while the price of 10 grams of gold decreased by Rs4,029 to Rs368,858.
Silver prices also recorded notable losses. In the global market, silver fell by $1.38 per ounce to $59.42.
Reflecting the international trend, the local price of silver per tola dropped by Rs138 to Rs6,421, while the price of 10 grams of silver declined by Rs119 to Rs5,504.
The continued decline in precious metal prices is being attributed to weakness in international bullion markets, with local prices following global trends.