Gold prices in Pakistan and the global market have recorded a significant cut for the fifth consecutive day, after which gold has become cheaper in the local market as well.
According to the All Pakistan Sarafa Jewelers Association, the price of 24-carat gold per tola in the local market decreased by Rs 4,700, after which gold per tola became Rs 430,236.
Similarly, the price of 10 grams of 24-carat gold decreased by Rs 4,029, after which its new price became Rs 368,858. A decrease was also seen in the price of silver. After becoming cheaper by Rs 138 per tola, silver came down to Rs 6,421.
On the other hand, a significant decline was recorded in gold prices in the global market. In the international market, gold fell by $47 per ounce to $4,078, the effects of which were also seen in the local bullion market.
According to experts, the decline in gold prices at the global level, the value of the dollar, investor sentiment and international economic conditions directly affect gold prices in the local market. The decline in prices for the fifth consecutive day has once again drawn the attention of buyers towards the gold market.
Read also: Gold price drops in local bullion market, check latest rates here
