The domestic bullion market experienced a significant downturn on Friday as the price of 24-karat gold dropped by Rs1,400 per tola to Rs239,600. This marks the fifth consecutive daily loss for the local metal, resulting in a total drop of Rs5,400 per tola in its value.
According to the Karachi Sarafa Association, the price of 24-karat gold was reported at Rs205,418 per 10-gram, down Rs1,201 compared to the previous day. Similarly, the price of 22-karat gold was quoted lower at Rs188,300 per 10-gram.
In contrast, silver prices remained unchanged in the domestic market, with 24-karat silver being sold at Rs2,620 per tola and Rs2,254.8 per 10-gram.
The international spot rate for gold is currently quoted at $2,300.96, down by 0.11% compared to the last close. The decline in gold prices can be attributed to the easing of tensions in the Middle East, reducing the appeal for the safe-haven asset.
This downturn extends from the past week, wherein international spot gold ended its longest 7-day winning streak since January 2023, down by 2.26% or over $54 per ounce in a week.
