Gold Prices Decline Amid Global Market Correction

Gold 

Gold prices experienced a sharp decline over the weekend, retreating from all-time highs as international market rates plummeted. The drop below $2,900 per ounce reflects a global correction in bullion prices, according to traders.

Significant Drop in Local and International Prices

The All Pakistan Sarafa Gems and Jewellers Association reported that domestic gold prices fell significantly. The price per tola decreased by Rs4,700, bringing it down to Rs301,500, while the price per 10 grams fell by Rs4,030 to Rs258,487.

Meanwhile, on the international market, gold bullion lost $50 in value, dropping from record highs to settle at $2,883 per ounce. The downturn follows a volatile trading period influenced by fluctuating global demand and investor sentiment.

Silver Prices Follow the Trend

The silver market also faced a decline, with global prices remaining above $32 per ounce. Domestically, silver prices dropped by Rs87 per tola, reaching Rs3,363, and by Rs74 per 10 grams, settling at Rs2,883, as per the association’s data.

The recent price movements indicate a cooling-off period after gold and silver surged to unprecedented levels. Analysts suggest that further fluctuations may be expected, depending on global economic conditions and central bank policies.