Domestic and global gold markets saw a significant decline in gold and silver prices on Thursday, with the price of 24 karat gold per tola falling by Rs 9,500 to Rs 494,662. This sharp decline is a direct result of a major downturn in the international market.
Similarly, the price of 24 karat 10 grams of gold decreased by Rs 8,145, bringing its new price to Rs 424,092. The price of 22 karat 10 grams of gold also dropped by Rs 7,466 to Rs 388,765.
This adjustment in local prices reflects the global downturn, where the value of gold traded down by $95 to $4,723.
The silver market was not immune to this downward trend, with the price of 24 karat one tola of silver closing at Rs 7,884, down by Rs 300. The price of 10 grams of silver of the same purity was recorded at Rs 6,759 after a decrease of Rs 257.
This decline in the local silver market was in line with the drop in international rates, where its price fell by $3.0 to $74.00.