Gold prices see massive decline in Pakistan

KARACHI: Gold prices extended losses on Tuesday as per tola price slashed by Rs4200 in the local market.

The gold prices recorded a decrease of Rs4200 per tola to settle at Rs219,400 in the domestic market, according to the All-Sindh Sarafa Jewellers Association.

The price of 10 grams of 24-karat gold also registered a decrease of Rs3601 and being sold at Rs188,100.

In the international market, the yellow metal rate was slashed by $37 to $2057.

Spot gold slipped 2.1% to $2,026.69 per ounce. Prices swung in a wide $115 range but were finally headed for their worst day since February.

U.S. gold futures settled down 2.3% at $2,042.20.

Silver slipped 3.6% to $24.50 per ounce, set for its worst day in two months after hitting a seven-month peak earlier in the session.

Palladium fell 1.7% to $917.31, and platinum dipped 2.8% to $972.67.