Gold prices see big drop in Pakistan amid global decline

Gold price in Pakistan decreased on Thursday after it surged to record high in previous seven sessions.

According to Sarafa Association, per tola gold price plunged by Rs2,300 to settle at Rs283,100

Similarly, the price of 10-gram dropped by Rs1,971 to reach Rs242,713

The bullion rates also witnessed downward trend in the international. The precious yellow metal per ounce was traded at $2,734 after a decline of $23.

Meanwhile, silver prices remained unchanged in Pakistan as per tola was traded at Rs3,350 while 10-gram was sold for Rs2,872.08.

A day earlier, gold prices in Pakistan continued to break all previous records amid rising global prices.

Spot gold rose 0.7% to $2,736.30 per ounce after pulling back from the record high of $2,758.37 on Wednesday. U.S. gold futures gained 0.7% to $2,749.20.

Spot silver firmed 1.5% to $34.23, having hit its highest since late 2012 hit on Oct. 22. Platinum rose 2.1% to $1,037.43.