Gold and Silver Prices Continue Plummeting Across Markets

Gold and silver prices continued to decline in both international and local markets on Saturday. In the international market, gold fell $255 per ounce to a price of $4,895. This trend mirrored declines in the domestic market where the price of gold per tael dropped by Rs25,500 to Rs511,862. The price of 10 grams of gold also decreased by Rs21,862 to settle at Rs438,839.

Silver saw its own decline with a per tael rate falling by Rs2,063 to Rs9,006, while the price of 10 grams of silver dropped by Rs1,768 to Rs7,721.

On Friday, gold prices in Pakistan plummeted over Rs35,000 following a significant drop globally. This decline was attributed to panic selling as investors sought to secure gains amid fading expectations of aggressive US interest rate cuts and the strengthening dollar.

In the local market, gold per tael dropped by Rs35,500 to settle at Rs537,362, while 10 grams of gold fell by Rs30,435 to Rs460,701. The sharp decline represented a significant reversal from Thursday, when gold prices had surged to Rs572,862 per tael following a substantial single-day increase of Rs21,200.

Similarly, silver faced downward pressure, with the price dropping by Rs1,106 to Rs11,069 per tael. This reflects the broader sell-off across precious metals markets.