Gold prices in Pakistan moved lower on Saturday, May 16, as both local and international bullion markets recorded a decline.
The latest rates were issued by the All Pakistan Sarafa Gems and Jewellers Association based on interbank exchange rates.
The price of 24-karat gold per tola dropped by Rs600, bringing the new rate to Rs476,262.
Similarly, the price of 10 grams of 24-karat gold decreased by Rs515 to settle at Rs408,317.
Meanwhile, 10 grams of 22-karat gold recorded a decline of Rs472, reaching Rs374,304.
International gold market also declines
In the international market, gold prices slipped by $6, with the global rate settling at $4,539.
The decline in global bullion prices also influenced the domestic market in Pakistan, where gold rates are calculated using interbank exchange rates.
Silver prices register sharp decline
Silver prices also witnessed a notable decrease in both local and international markets.
The price of silver per tola fell by Rs159, taking the new rate to Rs8,073.
Meanwhile, 10 grams of silver dropped by Rs136 to reach Rs6,921.
In the international market, silver prices declined by $1.59, settling at $75.89.
The updated rates were shared by the All Pakistan Sarafa Gems and Jewellers Association.
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