Gold prices fall further in global, local markets

Price of 10 grams of gold decreases by Rs1,457

Gold prices continued to decline in both international and local markets on Thursday.

In the global bullion market, the price of gold fell by $17 per ounce, bringing it down to $4,191.

After the international trend, domestic gold prices also recorded a sharp drop. The price of one tola fell by Rs1,700, reaching Rs441,462.

Similarly, the price of 10 grams of gold decreased by Rs1,457, settling at Rs378,482.

Spot gold slipped 0.2% to $4,199.06 per ounce, as of 1141 GMT. U.S. gold futures for February delivery were down 0.1% at $4,229 per ounce.

Read: Gold slips, silver hits record high

Earlier on Wednesday, gold prices fell slightly, mirroring losses in the international market, while silver recorded fresh gains.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola closed at Rs443,162, down Rs1,000 from Tuesday’s level of Rs444,162, when it had dropped by Rs2,700. The price of 10-gram gold also declined by Rs858 to Rs379,939.

In contrast, silver continued its upward momentum, rising Rs81 to reach Rs6,085 per tola. In the international market, silver edged 0.2% lower to $58.28 an ounce after hitting a record high of $58.94.

Globally, silver had risen 101% this year, supported by concerns over market liquidity following outflows to US stocks, its inclusion in the US critical minerals list, and a structural supply deficit, Reuters reported.