The local gold market witnessed a major bearish trend on Tuesday, where the price of 24-karat gold per tola experienced a significant decrease of Rs 9,000. According to the data released by the All Pakistan Sarafa Gems and Jewellers Association, after this sharp decline, the new price of one tola of pure gold became Rs 514,762.
This trend of price reduction continued for other gold measures as well. The price of 10 grams of 24-karat gold decreased by Rs 7,716 to Rs 441,325. Similarly, the value of 10 grams of 22-karat gold decreased by Rs 7,073, and its new trading price was recorded at Rs 404,562.
This decline in the local market reflects the fluctuations at the global level, where the international price of gold also saw a significant decrease. In the global market, the value of gold closed at $4,920 per ounce, down by $90.
Silver also could not escape the market’s bearish trend, and its prices also decreased. The price of one tola of 24-karat silver fell by Rs 150 to a new level of Rs 8,014.
Correspondingly, the price of 10 grams of 24-karat silver closed at Rs 6,870, down by Rs 129. At the international level, the price of silver also decreased, trading at $75.30 per ounce, down by $1.50.