KARACHI – Following the global trend, the local markets on Monday witnessed a sharp decline.
The price of gold per tola dropped by Rs4,900 to Rs501,162, while the price of 10 grams gold decreased by Rs4,201 to Rs429,665.
The Gold prices declined in both international and local markets on Monday amid shifting global economic conditions and ongoing geopolitical uncertainty.
In the international bullion market, the price of gold fell by $49 per ounce to $4,788.
The market observers attributed the downturn to global economic pressures, including increased war-related expenditures, reports of gold reserve sales by Turkey to ease financial strain, and geopolitical tensions despite developments linked to US-Iran diplomatic engagement.
In contrast, silver showed mixed movement.
International silver prices rose by $1.45 per ounce to $79.33. However, in the local market, silver prices declined, with per tola silver falling by Rs145 to Rs8,417 and 10 grams decreasing by Rs124 to Rs7,216.
