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Commodities

Global Downturn Drives Gold Prices Down in Local Markets

Guavy AI Editorial Team
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Gold Silver
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Gold prices plummeted in the local market on Thursday, following a significant downturn in global markets. Traders reported that gold prices dropped by Rs5,600 to Rs448,336 per tola and Rs4,801 to Rs384,375 per 10 grams. The All Pakistan Sarafa Gems and Jewellers Association confirmed these losses, citing a decline in the world market.

The global gold bullion rate also saw a significant drop of USD 56, reaching USD 4,258 per ounce. Silver prices declined by USD 2 to USD 64 per ounce. Locally, silver prices fell by Rs171 and Rs147 to Rs6,837 per tola and Rs5,861 per 10 grams, respectively.

The association noted that the open market may sell gold and silver at different prices than those announced, as they link them to interbank exchange rates.

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