After a three-day break in the international bullion market, the price per ounce has decreased by $ 15 to $ 5,082. In the local bullion markets, the price of 24-carat gold has also decreased by Rs 1,500 to Rs 530,562.
The price per ten grams has also decreased by Rs 1,286 to Rs 454,871. Similarly, the price of an ounce in the global silver market has gone from a high of $2.12 to a high of Rs. 11.65. In the local bullion markets, the price of silver per tola has also gone from Rs212 to Rs11,000, and the price of ten grams of silver has also gone from Rs182.9 to Rs9.
An unusual situation was witnessed in the bullion markets across Pakistan, where gold prices recorded a decline after a continuous increase; however, silver prices reached a new high in the country’s history due to the global turmoil. After a record-breaking increase last week, in which gold had exceeded Rs 532,000 per tola, the process of “correction” has now begun in prices. When trading resumed in the international bullion market after a three-day break, gold fell by $15 per ounce to $5,082.
Under the influence of the global market, the price of 24-carat gold per tola fell by Rs 1,500 to Rs 530,562 in local bullion markets. Similarly, the price of 10 grams of gold also fell by Rs 1,286 to Rs 454,871. Unlike gold, the silver market is experiencing a bullish storm. According to experts, its prices are getting out of control due to industrial demand and global investors’ attention being drawn to silver.
The price of silver in the global market increased by $ 2.12 cents to $ 111.65 per ounce, which is a historical record. Impact on the local market: As a result, the price of silver in Pakistan increased by Rs 212, which reached a record high of Rs 11,640 per tola. 10 grams of silver also increased by Rs 182 to Rs 9,979. According to market analysts, the decline in gold prices is temporary, which is technically called “profit taking”. On the other hand, the main reasons for the increase in silver prices are as follows:
The increasing use of silver in the manufacture of solar panels and electric vehicles has created a global shortage. Due to global political instability and concerns about tariffs, investors are buying silver as well as gold as a safe asset.
Read also: What will be the future of gold price? Know detail here
