Gold, silver prices continue to fall in global, local markets
At current prices, the looted gold is worth around $70 million. PHOTO: PIXABAY
The downward trend in gold and silver prices continued in both global and local markets on Tuesday, driven by reduced global investment in pure gold, a stronger US dollar against major currencies, and easing geopolitical tensions.
In the international bullion market, gold prices recorded a sharp decline of $140 per ounce, dropping to $3,940, which triggered a corresponding decrease in domestic rates.
According to local bullion dealers, the price of 24-karat gold fell by Rs14,000 per tola, bringing it down to Rs416,362, while the price per 10 grams dropped by Rs12,003 to Rs356,963.
Similarly, silver prices also fell, with per tola silver down Rs173 to Rs4,924, and per 10 grams declining by Rs148 to Rs4,221.
Spot gold was down 1.4% at $3,924.99 per ounce, as of 1140 GMT, hitting its lowest level since October 6.
US gold futures for December delivery lost 2% to $3,940.20 per ounce.
Elsewhere, spot silver fell 0.9% to $46.47 per ounce, its lowest in over a month, while platinum slipped 1.6% to $1,565.20 and palladium lost 2.4% to $1,368.48, a more than three-week low.