Gold prices fall by Rs1,100 in local markets

KARACHI: Gold prices declined in both the international and local bullion markets after witnessing a sharp increase a day earlier.

In the local bullion market, the price of 24-carat gold per tola decreased by Rs1,100 to settle at Rs491,362. Similarly, the price of 10 grams of gold dropped by Rs943, taking the new rate to Rs421,263.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold in the international market fell by $11 per ounce, bringing the new rate to $4,690 per ounce.

In contrast, silver prices continued to rise in the domestic market, with silver per tola increasing by Rs231 to reach Rs9,136.

A day earlier, gold prices had surged significantly, with per tola gold increasing by Rs4,100 in the local market, while the international rate had climbed by $41 per ounce.