Gold prices witnessed a massive decline in the local market on Thursday, with the price of per tola gold dropping by Rs25,500 to settle at Rs511,862.
According to market sources, the price of 10 grams of gold also fell sharply by Rs21,862, bringing it down to Rs438,839.
The steep fall follows a significant downturn in the international gold market, where gold prices dropped by $255 per ounce. As a result, global gold prices slipped below the $5,000 mark, reaching $4,895 per ounce.
Meanwhile, silver prices also recorded a notable decline. The price of per tola silver fell by Rs2,063, pushing it below Rs10,000 to settle at Rs9,006 in the local market.
Market analysts attribute the decline to fluctuations in the global bullion market and changing investor sentiment.
