Gold prices drift lower

KARACHI: Gold prices slumped on Tuesday after the global market nosedived below $2600 per ounce, traders said. The huge downtrend in the global rates pulled down the local market by Rs7, 000 to Rs270, 500 per tola and Rs6, 000 to Rs231, 911 per 10 grams.

According to All Sindh Saraf Jewellers Association, the global bullion lost its value by $77 in a single day to $2, 593 per ounce, while silver rates dipped to over $30 per ounce.

Local silver prices also saw a sizeable decline by Rs50 and Rs43, reaching Rs3, 250 per tola and Rs2, 786 per 10 grams, separately, the association said.

Copyright Business Recorder, 2024