KARACHI:
Gold and silver costs recorded an additional decline in worldwide and home markets on Saturday, reflecting a pointy downturn in bullion charges.
Within the worldwide bullion market, gold costs fell by $255 per ounce to $4,895.
The decline was mirrored within the native market, the place the worth of gold per tola dropped by Rs25,500 to Rs511,862. The value of gold per 10 grams additionally fell by Rs21,862 to settle at Rs438,839.
Silver costs additionally moved decrease, with the per tola charge declining by Rs2,063 to Rs9,006, whereas the worth of 10 grams of silver fell by Rs1,768 to Rs7,721.
Learn: Gold crashes by over Rs35,000 per tola
On Friday, Pakistan suffered a massacre as gold costs dropped over Rs35,000, mirroring a steep correction in worldwide markets the place gold, silver and copper tumbled after touching file highs earlier within the week.
The downturn was pushed by panic profit-taking as buyers rushed to lock in beneficial properties amid fading expectations of aggressive US rate of interest cuts and a strengthening US greenback.
Within the native market, the worth of gold per tola plunged by Rs35,500 to settle at Rs537,362, whereas 10-grams of gold dropped by Rs30,435 to Rs460,701, in keeping with charges launched by the All-Pakistan Gems and Jewellers Sarafa Affiliation(APGJSA).
The sharp fall marked a dramatic reversal from Thursday, when gold surged to Rs572,862 per tola after an enormous single-day achieve of Rs21,200.
Silver additionally got here beneath heavy strain, with costs declining by Rs1,106 to Rs11,069 per tola, reflecting the broader sell-off throughout valuable metals.
