Gold prices plunge in local, international markets

Gold prices witnessed a decline on Monday in both international and local markets, as a wave of technical corrections and profit-taking reversed the recent upward trend in bullion rates.

In line with global movements, the price of 24-carat gold in Pakistan's local market fell by Rs1,600 per tola, settling at Rs347,100.

Similarly, the price for 10 grams of gold declined by Rs1,368 to Rs297,582.

According to market reports, the international bullion market saw gold prices drop by $16 per ounce, bringing the price down to $3,289.

Meanwhile, silver prices remained stable, with per tola silver maintaining a price of Rs3,497 and 10 grams of silver holding steady at Rs2,998.

Market analysts suggest that while gold remains an attractive hedge amid global uncertainties, short-term price fluctuations are likely as investors book profits at higher levels.