According to market data, gold prices in the international bullion market fell by $149 per ounce, bringing the price down to $4,156 per ounce.
Following the sharp drop in global rates, local gold prices also witnessed a major decline. The price of 24-karat gold per tola decreased by Rs14,900, settling at Rs438,036.
Gold prices extended their decline for a third consecutive week, falling more than 1 percent as a stronger US dollar pressured the precious metals market, while silver, platinum, and palladium also recorded notable losses. Photo: WAM#GoldPrices #USDollar #GlobalMarkets… pic.twitter.com/obotltMroX
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Similarly, the price of 10 grams of gold fell by Rs13,410, reaching Rs374,205.
The latest decline comes a day after gold prices had already dropped significantly. On Thursday, the per-tola price of gold had fallen by Rs2,300 to Rs452,936.
Silver prices also moved lower, with the price of silver per tola declining by Rs413 to Rs6,946.
Market analysts attribute the decline in local prices to the sharp fall in international bullion rates, which continue to influence precious metal markets worldwide.
