At current prices, the looted gold is worth around $70 million. PHOTO: PIXABAY
Gold prices registered a sharp decline on Tuesday across both international and local markets.
In the international bullion market, spot gold fell 0.6% to $4,277.20 per ounce as of 1102 GMT, after earlier trading around $4,285. Despite the dip, bullion has rallied 64% so far this year.
Following the global downturn, gold prices in Pakistan also dropped sharply. The price of gold per tola declined by Rs4,000 to Rs450,862, while the price of 10 grams fell by Rs3,429 to Rs386,541.
Meanwhile, spot silver fell 1.5% to $62.98 per ounce, after touching a record high of $64.65 on Friday.
In the local market, silver prices remained unchanged, with the per tola rate steady at Rs6,532 and the price of 10 grams holding at Rs5,600.
Read: Gold records fresh gains as prices climb locally, internationally
Meanwhile yesterday, in the domestic market, gold per tola surged to Rs454,862, gaining Rs2,600 during the day. Similarly, 10-gram gold was sold at Rs389,970, up Rs2,229, according to the All-Pakistan Gems and Jewellers Sarafa Association.
On Saturday, the gold price per tola had closed at Rs452,262 following a decline of Rs2,000. Meanwhile, silver touched a historic high, rising Rs68 to reach Rs6,532 per tola.
Commenting on market trends, Adnan Agar, Director at Interactive Commodities, said that the gold market was not showing significant movement on Monday, trading between $4,300 and $4,350, with the rate later standing at $4,322.
“Key US economic data is scheduled to be released this week, including inflation and employment figures, as well as the Bank of Japan’s monetary policy decision. These events are likely to influence gold and overall financial markets,” he mentioned.
Agar added that gold was about $60-70 below its all-time high, while silver had already touched a record high. “Barring any unfavourable news, the overall outlook for gold remains positive,” he said.
