Karachi, Pakistan – Web Desk: Gold prices in both global and local markets recorded a significant decline on Thursday, extending a downward trend that has seen the precious metal become nearly Rs 38,000 per tola cheaper over the past few days.
In the international bullion market, gold prices fell by $97.20 per ounce to settle at $4,102, driven by continued selling of gold reserves and weakening demand relative to supply.
The decline in global prices directly impacted local markets in Pakistan, where the price of gold per tola dropped by Rs 9,720 to reach Rs 432,716. Similarly, the price of 10 grams of gold decreased by Rs 8,748 to settle at Rs 369,422.
Silver prices also followed a downward trend. In the international market, silver fell by 40 cents to $64.10 per ounce, while in local markets, the price per tola declined by Rs 40 to Rs 6,889 and 10 grams dropped by Rs 36 to Rs 5,857.
Market data shows that the decline has been consistent over recent days. On June 6, gold fell by Rs 12,489 per tola, followed by a Rs 3,094 drop on June 8, and a further sharp decline of Rs 12,627 on June 10, indicating sustained volatility in precious metal prices.
Experts link the ongoing price reduction to global market adjustments, reduced demand, and shifting investment trends away from safe-haven assets.
