KARACHI: Gold prices witnessed a significant decline in both local and international markets on Wednesday, with the price of the precious metal falling by more than Rs5,000 per tola in Pakistan.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola decreased by Rs5,200 to Rs419,636.
Similarly, the price of 10 grams of 24-karat gold dropped by Rs4,458, settling at Rs359,770.
The decline in domestic gold prices followed a downward trend in the international bullion market, where the price of gold fell by $52 per ounce to $3,972.
Silver prices also recorded a decrease in the local market. The price of silver per tola fell by Rs107 to Rs6,242.
Bullion market experts attributed the decline in local prices to the drop in international gold rates, which continue to influence precious metals trading in Pakistan.
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