KARACHI: Gold prices witnessed a sharp decline in both global and local markets after two days of gains, recording the third largest drop in history, market sources said.
In Pakistan, the price of 24-karat gold per tola fell by Rs21,400, bringing it down to Rs507,762. Similarly, the price of 10 grams of gold dropped by Rs18,347 to Rs435,324.
Silver prices also declined, with per tola silver falling by Rs1,430 to Rs7,825.
In the international market, gold prices dropped sharply as per ounce gold fell by $214 to $4,850, slipping below the $5,000 mark once again.
Market analysts said the decline follows renewed volatility in global commodity markets, with investors reacting to shifting economic signals after a brief upward trend over the past two days.