Gold falls sharply in Pakistan as international bullion drops by $128 per ounce, while silver prices also record a significant decline.
KARACHI, PAKISTAN — WEB DESK: Gold prices recorded a steep decline in Pakistan on Monday, September 28, following a sharp fall in the international bullion market, with the price of gold dropping by Rs12,800 per tola in the local market.
The price of gold per tola fell by Rs12,800 to Rs438,136, marking one of the day’s most significant moves in the domestic precious-metals market.
The price of 10 grams of gold declined by Rs10,973, bringing the new rate to Rs375,631.
The domestic decline came alongside substantial weakness in the international bullion market. Gold fell by $128 per ounce, taking the international price to approximately $4,156 an ounce, according to the report. Independent market data also showed substantial weakness in gold on September 28, with Trading Economics reporting the metal down more than 3% on the day.
Silver prices also moved sharply lower in Pakistan. The price of silver fell by Rs325 per tola to Rs6,578, while the rate for 10 grams declined by Rs279 to Rs5,639.
Precious-metal prices can move rapidly in response to changes in international bullion markets, currency movements and expectations surrounding global monetary conditions. The latest decline means buyers and investors should check current market quotations before making transactions, as intraday rates may change.
