The bullion market is trending downward, and gold prices are sharply declining.

Following recent volatility, gold prices saw a significant decline on Saturday in both local and foreign markets, providing buyers with some respite.

Following a one-day hiatus, market reports state that gold and silver prices fell once more, mirroring a decrease in the world bullion market. The price of gold dropped $47 per ounce on the global market, to $4,332.

Prices in Pakistan’s local bullion markets fell precipitously in line with the worldwide trend. The price per tola of 24-karat gold dropped by Rs4,700 to Rs455,562. Ten grams of gold also dropped in value, from Rs4,030 to Rs390,570.

The price of silver also dropped. The cost for 10 grams of silver decreased by Rs91 to Rs6,649, while the price of silver per tola fell by Rs106 to Rs7,756.

Market watchers blame the drop on changes in investor attitude at the beginning of the year and variations in global bullion prices. According to traders, gold prices are still influenced by currency fluctuations, interest rate expectations, and global economic indices.