Gold, silver prices drop sharply in Pakistan as global markets retreat

KARACHI: Gold prices in Pakistan fell sharply on Friday after a four-day gap, tracking a decline in international bullion markets.

The price of gold in the local market dropped by Rs6,500 per tola to Rs429,136, while the price of 10 grammes fell by Rs5,573 to Rs367,914.

In the international bullion market, gold fell by $65 per ounce to $4,066.

Silver prices also declined. In Pakistan, silver fell by Rs85 per tola to Rs5,678, while the price of 10 grammes dropped by Rs73 to Rs4,867.

Internationally, silver fell by 85 cents per ounce to $52.

The decline came amid fluctuations in global commodity markets following a rise in crude oil prices and comments by Democrats regarding restrictions on artificial intelligence and data centres.