At current prices, the looted gold is worth around $70 million. PHOTO: PIXABAY
Gold prices recorded a sharp decline in both global and local markets on Thursday, pulling back after recent gains, while silver prices also edged lower.
In the international bullion market, the price of gold fell by $37 per ounce to $4,601, ending a three-day upward streak.
Following the decline in global prices, gold rates in the domestic bullion market also dropped. The price of 24-carat gold per tola fell by Rs3,700 to Rs482,462, while the price of 10 grams declined by Rs3,172 to Rs413,633.
Silver prices also moved lower, with the price of silver per tola falling by Rs150 to Rs9,425, while the price of 10 grams dropped by Rs129 to Rs8,080.
Spot gold was down 0.4% at $4,602.99 per ounce, as of 0931 GMT. Bullion hit a record $4,642.72 on Wednesday.
Spot silver slid 3% to $89.97 per ounce after hitting an all-time high of $93.57 earlier in the session.
“A normalization could see silver slump by 1/3 relative to gold, lifting the (gold-silver) ratio to 70,” Hansen added.
Spot platinum receded 1.8% to $2,340.54 per ounce after scaling a record peak of $2,478.50 on December 29, while palladium lost 1.2% to $1,804.29 per ounce.
Read: Currency in circulation at Rs10.9tr
Yesterday, the Pakistani rupee appreciated by three paisa against the US dollar in inter-bank trading and closed at Rs279.97 compared to the previous day’s close at Rs280.
Gold prices recorded a sharp increase in the local market as the price of 24-karat gold per tola surged by Rs4,300 to settle at a record high of Rs486,162. The price of 10 grams of 24-karat gold increased by Rs3,687 to Rs416,805, according to the All Pakistan Sarafa Gems and Jewellers Association.
