The Karachi bullion market saw silver prices suffer a sharp reversal on Wednesday, with the white metal posting its largest single-day decline in weeks.
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The silver rate in Karachi for 24-karat silver plummeted by Rs. 186, closing at Rs. 6,800 per tola.
This steep drop erases a significant portion of the gains accumulated during silver’s recent recovery from the July lows. The silver market sell-off reflects a broad-based profit-taking move across precious metals.
In 10 grams, 24-karat silver fell by Rs. 160 to Rs. 5,829. The substantial decline across both measurements underscores the intensity of the selling pressure.
The drop was driven by weakness in global markets. The international silver price per ounce fell by $1.86 to $63.21, retreating from recent highs. This global silver retreat provided a strong bearish cue for local traders.
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Despite today’s sharp decline, silver remains above the July lows near Rs. 6,000. The recovery from those lows still represents a gain of approximately Rs. 800 per tola, though today’s drop serves as a reminder of the white metal’s inherent volatility.
Earlier to this, the Karachi bullion market saw silver prices continue their steady climb on Monday, with the white metal posting another modest gain. The silver rate in Karachi for 24-karat silver rose by Rs. 80, closing at Rs. 7,029 per tola.
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This marks the extension of silver’s recovery from the multi-year lows near Rs. 6,000 seen in mid-July, with prices now having climbed approximately Rs. 1,000 per tola. The silver market uptrend continues to build momentum.
In 10 grams, 24-karat silver increased by Rs. 69 to Rs. 6,026. The consistent uptick across both measurements suggests sustained buying interest in the white metal.
All rates are officially certified by the All Pakistan Sarafa Gems and Jewellers Association, based on interbank exchange rates for purity 999 (24K).
