KARACHI:
Gold and silver prices continued to decline for a third straight session in international and domestic markets on Monday.
In the international bullion market, gold prices fell sharply by $215 per ounce to $4,676.
In Pakistan’s local market, the price of gold per tola dropped by Rs21,500 to Rs490,362, while the price of 10 grams declined by Rs18,433 to Rs420,406.
Silver prices also registered losses, with the price per tola falling by Rs601 to Rs8,504. The price of 10 grams of silver declined by Rs516 to Rs7,205.
Spot silver fell over 6% to $78.90 an ounce on Monday. It hit a record high of $121.64 on Thursday before touching a near one-month low on Friday.
Read: Further decline in gold and silver prices across markets
Earlier on Saturday, gold and silver prices recorded a further decline in international and domestic markets, reflecting a sharp downturn in bullion rates.
In the international bullion market, gold prices fell by $255 per ounce to $4,895.
The decline was mirrored in the local market, where the price of gold per tola dropped by Rs25,500 to Rs511,862. The price of gold per 10 grams also fell by Rs21,862 to settle at Rs438,839.
Silver prices also moved lower, with the per tola rate declining by Rs2,063 to Rs9,006, while the price of 10 grams of silver fell by Rs1,768 to Rs7,721.
Read more: Gold crashes by over Rs35,000 per tola
On Friday, Pakistan suffered a bloodbath as gold prices dropped over Rs35,000, mirroring a steep correction in international markets where gold, silver and copper tumbled after touching record highs earlier in the week.
The downturn was driven by panic profit-taking as investors rushed to lock in gains amid fading expectations of aggressive US interest rate cuts and a strengthening US dollar.
In the local market, the price of gold per tola plunged by Rs35,500 to settle at Rs537,362, while 10-grams of gold dropped by Rs30,435 to Rs460,701, according to rates released by the All-Pakistan Gems and Jewellers Sarafa Association(APGJSA).
The sharp fall marked a dramatic reversal from Thursday, when gold surged to Rs572,862 per tola after a massive single-day gain of Rs21,200.
Silver also came under heavy pressure, with prices declining by Rs1,106 to Rs11,069 per tola, reflecting the broader sell-off across precious metals.
