Gold, silver prices sharply down

KARACHI: Gold prices nosedived on Thursday, falling under Rs500,000 per tola, tracking a global market’s sharp downtrend, traders said.

Local gold prices plunged by Rs24,300 to Rs499,462 per tola and Rs20,833 to Rs428,208 per 10 grams, according to All Pakistan Sarafa Gems and Jewellers Association. World market lost USD243, taking gold bullion value down to USD4,767 per ounce, while silver prices dropped by USD8, settling at USD73 per ounce, the association added.

As a result, domestic silver prices receded by Rs760 and Rs652, reaching Rs7734 per tola and Rs6630 per 10 grams, respectively, it said.

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