Gold prices drop in global and local markets

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Gold prices have decreased in both global and local markets.

In the international bullion market, the price of gold per ounce dropped by $18, reaching $2639.

Meanwhile, in local jewelry markets, the price of 24-carat gold per tola decreased by Rs 1200, reaching Rs 275,700, and the price of gold per 10 grams dropped by Rs 1029, settling at Rs 236,368.

Despite the decline in gold prices, the price of silver remained stable. The price of silver per tola stayed unchanged at Rs 3350, and the price of silver per 10 grams remained the same at Rs 2872.08.

Earlier, gold prices in Pakistan rose on Friday, following the increase in international rates. In the local market, the price of gold per tola surged by Rs2,200, reaching Rs276,900.

Similarly, the price of 10-gram gold rose by Rs1,886, settling at Rs237,397, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Thursday, the price of gold per tola had increased by Rs1,100 to Rs274,700.

Internationally, gold prices also saw a rise on Friday. According to APGJSA, the international price stood at $2,657 per ounce, with a $20 premium and marking a $22 increase for the day.

Adnan Agar, Director of Interactive Commodities, provided an update on the gold market, noting that the price of gold recently reached a high of $2,565 and a low of $2,540, with current prices hovering around $2,542 to $2,543.