The local price of 24-karat gold experienced a major drop of Rs 8,700 on Saturday, bringing the per tola price to Rs 524,562, reflecting a significant downturn in the global market.
The price of 10 grams of 24-karat gold also saw a substantial decrease of Rs 7,459, with the new price becoming Rs 449,727. Similarly, the price of 10 grams of 22-karat gold fell by Rs 6,838 to close at Rs 412,264.
This bearish trend in the local bullion market corresponds with a major fall in the international market, where the price of gold dropped by $87 to $5,018.
Silver prices were also not immune to the market fluctuations, with the per tola price of 24-karat silver recording a decrease of Rs 310 to come to Rs 8,541. The price of 10 grams of 24-karat silver also fell by Rs 266 to Rs 7,322.
Globally, the price of silver also saw a parallel decrease, settling at $80.57 after a fall of $3.10, indicating a widespread bearish trend for precious metals.