KARACHI: Gold and silver prices recorded a decline in both international and local markets on Friday, a day after witnessing a significant surge.
According to market data, the price of gold in the international bullion market fell by $11 per ounce, bringing the global rate down to $4,174 per ounce.
Reflecting the trend in international markets, local bullion prices also moved lower. The price of 24-karat gold per tola decreased by Rs1,100 to Rs439,836.
Similarly, the price of 10 grams of gold fell by Rs943, settling at Rs377,088.
Silver prices also registered a decline, with the rate per tola dropping by Rs48 to Rs6,716.
The decrease comes a day after gold prices posted substantial gains in both local and global markets. On the previous trading day, the price of gold per tola in Pakistan had surged by Rs12,200 to reach Rs440,936, while the price of 10 grams rose by Rs10,459 to Rs378,031.
In the international market, gold had climbed by $122 per ounce on Thursday, reaching $4,185 per ounce before retreating slightly in the latest session.
Bullion traders said the decline represents a market correction following the sharp upward movement recorded a day earlier.
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