Local and global gold markets witnessed a significant bearish trend on Monday, with the price of 24-karat gold per tola falling by Rs 5,500, reflecting a major decline in the value of precious metals.
With this sharp decline, the price of one tola of 24-karat gold became Rs 470,162. Similarly, the price of 10 grams of 24-karat gold decreased by Rs 4,715 to Rs 403,088. The price of 10 grams of 22-karat gold also saw a significant decrease of Rs 4,323, closing at Rs 369,510.
This bearish trend in the local market was a reflection of global developments, where the international gold price fell by $55 to $4,478.
The silver market was also not immune to this negative trend, and a significant drop in prices was recorded. The price of 24-karat silver per tola decreased by Rs 332 to Rs 8,075, while the new price of 10 grams of 24-karat silver became Rs 6,923 after a decrease of Rs 284.
Along with the decline in precious metals, the international silver price also decreased, and its value fell by $3.32 to $76.00.