As of this morning, gold was trading in the world market at USD 4,893.02 per ounce. In recent days, gold prices had surged beyond the USD 5,500 mark before reversing sharply.
Meanwhile, silver prices have dropped significantly to USD 85.34 per ounce, marking a day-on-day decline of USD 29.16, or 25.46 percent.
Following the renewed drop in global gold prices, local market prices have also decreased. By this morning, the price of a 24-carat gold sovereign stood at Rs. 380,000, while a 22-carat gold sovereign was priced at Rs. 349,600.
According to foreign media reports, approximately USD 15 trillion has been wiped off the global gold and silver markets within the past 48 hours.
