Gold prices continue to fall in Pakistan for second consecutive day

KARACHI: After a consistent upward trend, gold prices have now started to decline in Pakistan, with the second consecutive day of reduction recorded in local bullion markets.

According to the All-Pakistan Gems and Jewellers Association, the price of gold dropped by Rs2,300 per tola, bringing the rate down to Rs356,700 per tola. This marks a total decrease of Rs8,200 per tola over Thursday and Friday combined.

Similarly, the price of 10 grams of gold fell by Rs1,972, with the new rate standing at Rs305,812.

In the international market, the price of gold also declined by \$23 per ounce, settling at \$3,340 per ounce.

The local silver market also witnessed a decline, with the price of silver per tola dropping by Rs34 to reach Rs4,023.

Meanwhile, as the sugar shortage crisis persists across the country, the Trading Corporation of Pakistan (TCP) has issued another major tender to import 100,000 metric tonnes of white sugar.

The TCP has asked the successful bidders to submit a 5 per cent performance guarantee by July 31.

The import of white sugar from Israel and India will be strictly prohibited.

This is the second international tender issued by the TCP for the import of white sugar. The minimum bid will be for 25,000 metric tonnes, and the sugar should be packed in new 50kg bags.

The permitted import window has been set from August 21 to September 5, with all cargo to arrive by September 30.