KARACHI: Gold prices recorded a significant decline in both local and international markets on Tuesday, ending a prolonged period of gains.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-carat gold per tola fell by Rs4,100 to Rs424,836 in the domestic market.
Similarly, the price of 10 grams of gold decreased by Rs3,515, settling at Rs364,228.
The decline in local bullion rates followed a downward trend in the international market, where the price of gold dropped by $41 per ounce to reach $4,024.
Meanwhile, silver prices moved in the opposite direction. The association reported an increase of Rs25 per tola in the price of silver, taking it to Rs6,349 per tola.
Bullion market analysts attributed the fall in local gold prices to the decline in international rates, which directly influences precious metal prices in Pakistan.
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