Gold and silver prices saw a massive drop on Saturday, marking the second consecutive day of declines in both global and local markets. The price of 24-karat gold per tola in Pakistan dropped significantly by Rs25,500, reaching Rs511,862, according to the All Pakistan Sarafa Gems and Jewellers Association. Similarly, the price of 10 grams of 24-karat gold fell by Rs21,862, settling at Rs438,839. The price of 22-karat gold per 10 grams also saw a decline of Rs20,041, now priced at Rs402,283.
The decrease in gold prices in Pakistan mirrors a sharp drop in the global bullion market. Internationally, the price of gold fell by $255 per ounce, reaching $4,895. This steep decline in gold prices has raised concerns within the market, with experts citing the sudden global downturn as the main factor behind the loss.
In addition to gold, silver prices in Pakistan also saw a record drop. The price of 24-karat silver per tola decreased by Rs2,063, bringing the new rate to Rs9,006. Similarly, the price of 10 grams of silver dropped by Rs1,768, settling at Rs7,721. This drop in silver prices follows the same downward trend observed in the gold market.
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In just two days, the price of gold in Pakistan has fallen by Rs61,000, while in the international market, the price dropped by $610. These sudden and massive drops have left markets reeling, causing billions of dollars in losses globally. The sharp declines in both gold and silver are a result of a broader market shake-up.
Experts are monitoring the situation closely, as this sharp decline could have significant implications for investors and the global economy. The continuing drop in precious metal prices may continue to impact both local and international markets.
