The local bullion market witnessed a significant downturn on Tuesday as silver prices retreated sharply, falling below recent highs but managing to stay above a crucial psychological barrier.
According to the latest data released by the All Pakistan Sarafa Gems and Jewellers Association (APGSJA), the price of 24K silver dropped by Rs. 150 per tola.
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Following the decline, the new rate for 24K silver per tola stands at Rs. 8,014. Market analysts point out that the price is now hovering just above the critical support level of Rs. 8,000.
In line with the per-tola decline, the price for 10 grams of 24K silver also witnessed a reduction. It fell by Rs. 129, bringing the new trading price to Rs. 6,870.
These rates are officially certified by the APGSJA and are based on the purity of 999 (24K), calculated using the interbank exchange rates.
The downward trend in the domestic market mirrors a sell-off in the international commodity markets. Globally, silver faced headwinds, declining by $1.50 to settle at $75.30.
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Dealers suggest that the slight correction in the international market, coupled with profit-taking by local investors, contributed to the dip.
However, they note that the local demand for physical silver remains relatively steady, which helped the price hold just above the Rs. 8,000 threshold.
