LAHORE: A significant decline in gold and silver prices has been recorded in the gold bullion market of Pakistan, after which gold per tola fell below the level of Rs 410,000.
According to the All Pakistan Gems and Jewellers Association, the price of gold per tola fell by Rs 10,800 to Rs 49,736.
Similarly, the price of 10 grams of gold fell by Rs 9,059 to Rs 351,282.
On the other hand, the price of silver also saw a decline. In the local bullion market, silver was sold for Rs 5,388 per tola, while 10 grams of silver were sold for Rs 4,619.
A significant decline in the price of gold was also recorded in the global market, where gold per ounce fell from $ 108 to $ 3,872.
Globally, inflation concerns, expectations of interest rate hikes and the strength of the dollar are being cited as major reasons for the decline in precious metals prices. Changes in the global market also affect the Pakistani bullion market.
It should be noted that yesterday, the price of gold per tola in Pakistan also recorded a decline of Rs 5,100. Due to the continuous decline, the price of gold in the local market is witnessing a significant decline.
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