Gold prices see sharp decline as bullion market sees downward trend

KARACHI (Dunya News) - Gold prices recorded a notable drop on Saturday in both international and local markets, bringing relief to buyers after recent volatility.

According to market reports, prices of gold and silver declined again after a one-day pause, reflecting downward movement in the global bullion market. In the international market, the price of gold fell by $47 per ounce, settling at $4,332.

Following the global trend, prices in Pakistan’s local bullion markets also dropped sharply. The price of 24-karat gold per tola decreased by Rs4,700, bringing it down to Rs455,562. Similarly, the price of 10 grams of gold fell by Rs4,030 to Rs390,570.

Silver prices also witnessed a decline. The price of silver per tola dropped by Rs106 to Rs7,756, while the rate for 10 grams of silver fell by Rs91, reaching Rs6,649.

Market analysts attribute the decline to fluctuations in international bullion prices and shifting investor sentiment at the start of the new year. Traders say gold prices remain sensitive to global economic indicators, interest rate expectations, and currency movements.