Gold prices see drop in global and local markets

Gold prices recorded a notable decline on Monday in both global and domestic markets.

According to market reports, the international bullion price per ounce dropped by $36, settling at $3,361.

The fall in global rates drove down domestic prices, with 24-karat gold falling by Rs 3,600 per tola to Rs 358,800. The price of 10 grams also decreased by Rs 3,086 to Rs 307,613.

Silver prices saw a similar downward trend in the local market, with the per tola rate falling by Rs 51 to Rs 4,013, and the price of 10 grams down by Rs 44 to Rs 3,440.

In the international market, spot gold was trading 1.1% lower at $3,362.21 per ounce by 08:39 GMT, after reaching its highest level since July 23. Spot silver dropped 1.1% to $37.89 per ounce, platinum fell 1.3% to $1,314.73, while palladium gained 0.4% to $1,131.55.