After witnessing a significant hike for a day, the price of gold in Pakistan dropped again on Thursday following changes in the global rates.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold fell by Rs1,000 per tola, bringing it down to Rs418,862.
In the local market, the price of 10 grams of 24-karat gold decreased by Rs857, settling at Rs359,106. Similarly, 10 grams of 22-karat gold were sold at Rs329,300, down by a good Rs678 compared to the previous day.
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On the international front, gold dropped by $10, reaching $3,965 per ounce, reflecting a consistent downward trend driven by strengthening global currencies and cautious investor sentiment.
Silver also declines
Silver prices, however, did not follow the trend. The rate of 24-karat silver per tola remained stable at the rate seen a day earlier of Rs5,034, while 10 grams of silver were being sold for Rs4,315.
Analysts note that fluctuations in the interbank exchange rate and uncertainty in global demand continue to impact precious metal prices in Pakistan. Investors are expected to watch both currency movements and international gold market trends closely in the coming days.
