Gold and silver prices crashed today in both domestic and international markets. Buyers are getting much-needed relief after enduring recent record highs. On Wednesday, the local market saw a massive decline, mirroring a broader global slump reported by TechJuice earlier.
Gold & Silver Prices Drop
The international gold market took a severe hit today. The price per ounce dropped by $86. Currently, global gold stands at $4,454 per ounce.
Consequently, the local market aggressively followed this downward trend. The per tola gold price fell sharply by Rs. 8,600. Today, the new rate settled at Rs. 467,762 per tola. Furthermore, the 10-gram gold price also saw a major decrease. It dropped by Rs. 7,373, reaching Rs. 401,030.
Silver did not escape the market slump. The white metal also registered notable losses. Its price declined by Rs. 259 per tola. Therefore, silver currently trades at Rs. 7,894 per tola across the domestic market.
What Triggered the Fall?
Market analysts clearly identified the root cause of this sudden drop. International precious metals markets are showing significant weakness. Additionally, fluctuating investor sentiment actively drove these prices down. Broader global economic factors also played a major role in pushing the market into the red.
Despite today’s heavy drop, investors are not looking away. Gold easily remains one of the most closely watched investment assets. Therefore, traders continue to monitor international developments closely to anticipate the next major price direction.
