After a sharp decline in the global gold market, a major slump was also seen in the local bullion market on Monday, and the price of 24 karat gold fell by Rs 21,500 per tola.
After this significant decrease, the new price of 24 karat gold per tola became Rs 490,362.
Similarly, the price of 24 karat 10 grams of gold decreased by Rs 18,433 to Rs 420,406, while the price of 22 karat 10 grams of gold closed at Rs 385,386 after a decrease of Rs 16,897.
The local slump was in line with a major fall in the global market, where the international price of gold fell by US$215 to US$4,676.
A significant decrease was also recorded in the price of silver, with the price per tola falling by Rs 601. The new price of 24 karat silver per tola was Rs 8,405.
The price of 24 karat 10 grams of silver also decreased by Rs 516 to Rs 7,205, while the international rate of silver closed at US$79.30 after a decrease of US$6.01.