Gold and silver prices fall in local, global markets – Pakistan Today
Gold and silver prices declined again on Saturday in both international and Pakistani markets. The latest drop followed a sharp fall a day earlier after gold had posted gains on Thursday.
ISLAMABAD: Gold and silver prices moved lower in both the international and domestic markets on Saturday, according to figures shared by the All-Pakistan Gems and Jewellers Sarafa Association.
In the global bullion market, gold declined by $6 per ounce to $4,539. Reflecting that trend in Pakistan, the local price of gold per tola fell by Rs600 to Rs476,262, while the rate for 10 grams dropped by Rs515 to Rs408,317.
Silver also posted a notable decline in the domestic market. The price of silver per tola decreased by Rs159 to Rs8,073, and the rate for 10 grams fell by Rs136 to Rs6,921.
Sharp drop recorded a day earlier
The latest decline follows a much steeper fall reported a day earlier in both global and local markets. On Friday, the international price of gold per ounce dropped by $155 to $4,545.
According to the All-Pakistan Gems and Jewellers Sarafa Association, the domestic price of gold per tola then fell by Rs15,500 to Rs476,862. The price of 10 grams of gold also went down by Rs13,289 to Rs408,832.
Silver had also weakened on Friday. Per tola silver fell by Rs972 to Rs8,232, while the price of 10 grams declined by Rs833 to Rs7,057.
Market had edged up on Thursday
Before the back-to-back declines, gold prices had registered gains on Thursday in Pakistan, in line with a slight rise in the international market.
The local price of gold per tola increased by Rs1,000 to Rs492,362, while 10-gram gold rose by Rs858 to Rs422,121, based on rates issued by the All-Pakistan Gems and Jewellers Sarafa Association.
On Wednesday, gold had closed at Rs491,362 per tola after declining by Rs1,100, showing continued fluctuations in the domestic bullion market in response to changing global signals.
The source report said bullion in the international market had remained broadly steady on Thursday as investors assessed developments in the US-Israel conflict with Iran and signals from high-level diplomatic contacts between the United States and China.
At 1043 am EDT (1443 GMT) on Thursday, spot gold was little changed at $4,689.99 per ounce, while US gold futures for June delivery were down 0.2% at $4,695.80.
The US dollar index had also edged up 0.2%, making dollar-priced bullion relatively more expensive for holders of other currencies and slightly limiting further gains.
The latest sequence of price movements underscores continued volatility in gold and silver markets, with domestic rates tracking shifts in international bullion prices over the past several sessions.
