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Gold price drops by Rs800 to Rs239,200 per tola

News Desk

May 08

Gold prices in Pakistan continued their downward trend on Wednesday, with 24-karat gold losing Rs800 per tola and settling at Rs239,200.

This drop follows a significant decline over the past two weeks, during which the price of 24-karat gold fell by Rs6,400 last week, bringing the total decrease to Rs14,200 per tola, a cumulative reduction of 5.63 per cent.

According to the Karachi Sarafa Association, the price of 24-karat gold for 10 grammes dropped to Rs205,075, a decrease of Rs686 from the previous day. The price of 22-karat gold also decreased, with the 10-gramme rate quoted at Rs187,986.

In contrast, silver prices remained steady in the domestic market. The price of 24-karat silver was unchanged at Rs2,620 per tola and Rs2,254.8 per 10-gramme.

In the global market, spot gold continued to show weakness. It was trading near $2,311.76 an ounce, a decrease of 0.10 per cent compared to the previous close. This international dip contributed to the downward pressure on domestic gold prices.

The recent declines in gold prices in Pakistan reflect broader trends in the international market, influenced by factors such as currency fluctuations, changes in demand, and global economic uncertainty.

As a result, investors and consumers are keeping a close eye on these trends, watching for signs of further volatility or stability in the precious metals market.

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