The per tola price of 24 karat gold in the local gold market recorded a major decrease of Rs 7,100 on Thursday, after which the new price became Rs 486,962.
This decrease was also seen in other scales, the 10-gram price of 24 karat gold decreased by Rs 6,087 to Rs 417,491. Similarly, the 10-gram price of 22 karat gold decreased by Rs 5,580 and closed at Rs 382,713.
This downturn in the local market was a reflection of a significant drop in global rates. In the international market, the price of gold fell by $71 to $4,642.
Silver prices could not remain immune to the market pressure and also recorded a significant decline. The per tola price of 24 karat silver decreased by Rs 350 to Rs 7,634, while the price of 10 grams of 24 karat silver decreased by Rs 300 to Rs 6,544.
This decrease in the price of the white metal was in line with international trends, where the price of silver fell by $3.5 to $71.50.