The domestic gold market witnessed a notable decline as reported by the All Sindh Sarafa Jewellers Association, with gold prices plummeting by Rs4200 per tola to reach Rs219,400.
The corresponding reduction in the rate of 10 grams of 24-karat gold amounted to Rs3601, resulting in a selling price of Rs188,100. Internationally, the price of gold experienced a $37 decrease, reaching $2057 per ounce, and spot gold faced a significant 2.1% drop, closing at $2,026.69 per ounce. This marked the worst day for gold prices since February, with fluctuations within a $115 range.
U.S. gold futures settled down 2.3% at $2,042.20 per ounce. Concurrently, silver also saw a decline of 3.6%, reaching $24.50 per ounce, on track for its most challenging day in two months after hitting a seven-month peak earlier. Palladium and platinum followed suit, falling by 1.7% to $917.31 and 2.8% to $972.67, respectively. The broader trend reflected a challenging day for precious metals, influenced by factors such as market volatility and global economic conditions.
