After seven straight days of increases, gold and silver prices in Pakistan finally witnessed a decline on Thursday, offering slight relief to buyers and investors closely watching the bullion market.
The drop follows a strong upward streak that had pushed precious metals to record-high levels earlier this week.
Gold prices decline in Pakistan
According to the latest rates issued by the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola dropped by Rs 700.
Gold (24 karat) per tola is now priced at Rs 540,562, down from the previous rate after days of steady gains.
Similarly, the price of 10 grams of 24 karat gold decreased by Rs 600, bringing it down to Rs 463,444.
The correction in local gold prices mirrors changes in the international bullion market.
International gold market update
In the global market, gold per ounce also recorded a decline.
Gold Per Ounce
The international gold price fell by $7, settling at $5,178 per ounce. The drop in global rates contributed to the downward adjustment in Pakistan’s domestic market.
Silver prices also drop
Silver prices followed the same trend, ending their upward momentum after a week-long surge.
Silver Per Tola in Pakistan
The price of silver per tola decreased by Rs 350 and is now being traded at Rs 9,204.
Silver Per 10 Grams
Meanwhile, silver per 10 grams (24 karat) dropped by Rs 301 to reach Rs 7,890.
International Silver Rate
In the global market, silver prices fell by $3.5, bringing the international rate down to $87.20 per ounce.
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