KARACHI: Gold and silver prices extended losses for a third consecutive session on Monday in both international and domestic markets, tracking a sharp correction in global bullion rates.
In the international market, gold fell by $215 per ounce to $4,676, while spot silver slid more than 6% to $78.90 an ounce after retreating from last week’s record highs.
Local markets mirrored the downward trend. The price of gold dropped by Rs21,500 to Rs490,362 per tola, while 10 grams declined by Rs18,433 to Rs420,406, according to market sources.
Silver also weakened, with per tola rates falling by Rs601 to Rs8,504, and 10 grams easing by Rs516 to Rs7,205.
The latest decline follows sharp losses over the weekend, when gold shed more than Rs25,000 per tola and silver dropped over Rs2,000, as investors rushed to book profits after precious metals surged to historic levels earlier in the week.
Traders attributed the sell-off to profit-taking in global markets, a firmer US dollar and easing expectations of aggressive interest rate cuts by the US Federal Reserve.