Gold prices take a sharp dip after hitting record high
Business
International gold prices tumble by $85 per ounce; local market sees a drop of over Rs7,500 per tola
LAHORE (Web Desk) - After reaching record heights, gold prices took a nosedive on Wednesday as both international and local markets witnessed a major fall.
According to market reports, the price of gold in the international bullion market dropped sharply by $85 per ounce, settling at $4,150.
Following the global trend, gold prices in Pakistan also slipped significantly.
The price of 24-karat gold per tola fell by Rs7,538, bringing it down to Rs437,362. Similarly, the price of 10 grams of gold slid by Rs6,463, reaching Rs343,732.
Read also: Gold prices hit record high in Pakistan
Silver prices also followed suit, with per tola silver decreasing by Rs15 to Rs5,110, while 10 grams of silver saw a decline of Rs129, settling at Rs4,381.
Analysts say the fall was long overdue after gold prices had been climbing steadily for weeks, reaching historic levels. Many believe profit-taking by investors and a stronger dollar played a key role in pulling gold prices down.
