Gold, silver drop sharply

KARACHI: Gold and silver prices fell sharply from historic height on Monday, reflecting a global market downturn, traders said.

Local gold prices dropped by Rs5,500 and Rs4,715, reaching Rs470,162 per tola and Rs403,088 per 10 grams, respectively, All Pakistan Sarafa Gems and Jewellers Association said.

International gold bullion value plunged from record levels by USD55, settling at USD4,478 per ounce while silver prices reduced from all-time high to USD76 per ounce, down by USD3.32, it added.

Domestic silver prices followed the decline, dipping from record highs by Rs332 and Rs284, reaching Rs8,075 per tola and Rs6,923 per 10 grams, respectively, according to the association.

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