Gold and Silver Prices Freefall as Global Sell-off Hits Local Markets
Published 14 days ago | By Pak24tv
The downward spiral in gold and silver prices entered its third consecutive day on Monday, as a massive wave of profit-taking in the international market continued to shake investor confidence.
Global bullion markets witnessed a significant correction, with gold prices plunging by an additional $215 per ounce, settling at $4,676. This international slump has triggered a massive reaction in Pakistan's local jewelry markets, where gold prices saw a staggering drop of Rs. 21,500 per tola.
Following this sharp decline, the price of 24-karat gold has now reached Rs. 490,362 per tola. Similarly, the price for 10 grams of gold decreased by Rs. 18,433, bringing it down to Rs. 420,406.
Market analysts have noted that the past three days have been particularly volatile. On the global stage, gold has lost $826 per ounce in this short span. Domestically, the impact has been even more pronounced, with the total price of gold per tola crashing by Rs. 82,500 over the last 72 hours.
