After months of continuous upward momentum, gold prices witnessed a significant decline on Friday in both global and domestic markets, offering a momentary sigh of relief to buyers who had been priced out of the precious metal in recent months.
In the international bullion market, the price of gold fell by $33 per ounce, settling at $3,305. The drop had an immediate impact on local markets, where the price of 24-karat gold per tola plunged by a substantial Rs3,300, bringing it down to Rs348,700.
Similarly, the price of 10 grams of 24-karat gold also decreased by Rs2,833, now priced at Rs298,950.
Contrary to gold’s downturn, silver prices also experienced a decline. The price of silver per tola fell by Rs40, reaching Rs3,497, while 10 grams of silver dropped by Rs35, now valued at Rs2,998.
This marks the first significant reversal in gold’s trajectory after a sustained four-month rise, during which prices consistently set new records. Market analysts suggest that a combination of profit-taking, strengthening of the dollar, and easing geopolitical tensions may have contributed to the price correction.
Despite the dip, experts caution that volatility in precious metal markets could persist in the coming weeks, especially amid ongoing global economic uncertainty.
