Gold prices drift lower

KARACHI: Local and international gold prices declined from record highs on Friday, as global market lost momentum, dropping below $2,950 per ounce, traders said.

Gold lost Rs2,000 and Rs1,714, falling from an all-time high to Rs307,000 per tola and Rs263,203 per 10 grams, respectively, All Pakistan Sarafa Gems and Jewellers Association said.

International market fell by $23, pulling down gold bullion prices from a historic high to $2,930 per ounce while silver was trading at $33 per ounce.

Domestic silver prices reduced by Rs38 and Rs33, selling at Rs3,430 per tola and Rs2,940 per 10 grams, respectively, the association added.

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