Gold sees a free fall

KARACHI: Local and international gold prices saw a free-fall on Saturday, mirroring global market’s bearish trend, tumbling below $3,050 per ounce, traders said.

Gold prices nosedived by Rs5,500 and Rs4,714, dislodging from record highs to Rs320,000 per tola and Rs274,348 per 10 grams, respectively, All Pakistan Sarafa Gems and Jewellers Association said.

International market registered a huge decline by $51, pulling down gold bullion value to $3,038 per ounce while silver prices dropped $4.5 to $29.59 per ounce.

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