Gold prices drop sharply in global and local markets

KARACHI: Gold prices witnessed a sharp decline in both international and domestic markets, with significant losses recorded in bullion trading.

In the international bullion market, the price of gold fell by $155 per ounce, bringing the new global rate to $4,545 per ounce.

Following the global trend, local gold markets also saw a steep decline on the final trading day of the week. The price of 24-karat gold per tola dropped by Rs15, 500, settling at Rs476, 862.

The price of 10 grams of gold decreased by Rs13, 289, bringing the new rate to Rs408, 832.

Market analysts said the local prices moved in line with international trends as volatility continued in global commodity markets.

Silver prices also declined in local markets following a sharp drop in gold rates, reflecting broader volatility in precious metals trading.

Meanwhile, silver prices also fell significantly, with the per tola rate dropping by Rs972 to Rs8, 232. The price of 10 grams of silver also registered a decline of Rs833, according to market data.

Traders said local bullion rates continue to track international market movements as investors respond to