Silver rate in Pakistan fell sharply on Friday, with the 24-karat silver rate dropping Rs253 per tola to Rs6,871, as weaker international silver prices triggered fresh selling pressure in the local bullion market.
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According to rates certified by the All Pakistan Sarafa Gems and Jewellers Association, the 24-karat silver price stood at Rs6,871 per tola, down Rs253 from the previous session.
The price of 24-karat silver also declined on a 10-gram basis, falling Rs217 to Rs5,890. The sharp fall in Pakistan’s silver prices came as international silver prices also moved lower.
The international silver price fell $2.53 to $63.92 per ounce, reaching its lowest level in several weeks.
The decline in global prices provided a strong bearish signal for local bullion traders and contributed to the drop in domestic silver rates.
Silver has now fallen approximately Rs460 per tola from its late-August peak of around Rs7,329. Despite the recent correction, the metal remains above its July low of nearly Rs6,000 per tola.
Earlier to this, Pakistan’s bullion market saw silver rates edge lower, with the 24-karat silver rate falling Rs17 to Rs7,124 per tola as the precious metal continued its recent consolidation.
The price of 24-karat silver also declined by Rs15 to Rs6,107 per 10 grams. The limited movement indicates that selling pressure remains relatively low in the local market.
All rates are certified by the All Pakistan Sarafa Gems and Jewellers Association and are based on interbank exchange rates for 999-purity (24K) silver.
