Gold price declines by Rs2,000 per tola after near-record surge

KARACHI: Gold prices in Pakistan saw a decline on Saturday, following a sharp rise that had brought them close to record highs in the previous session.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola fell by Rs2,000 to Rs261,500. Similarly, the price for 10 grammes of gold decreased by Rs1,714, selling at Rs224,194.

In contrast, silver prices remained stable, with the price per tola holding steady at Rs2,950.

International markets also saw a downturn in gold prices, with spot gold falling 0.8 per cent to $2,495.86 per ounce. This came after the metal had reached its highest point since August 20, when it last approached record levels. US gold futures also declined, settling 0.7 per cent lower at $2,524.60.

Other precious metals were also impacted. Spot silver dropped 3.1 per cent to $27.92 per ounce, while platinum slipped 0.4 per cent to $920.55, and palladium saw a sharper decline, falling 3.1 per cent to $913.00.

On Friday, gold in Pakistan had surged, with the price of 24-karat gold reaching Rs263,500 per tola, marking an increase of Rs1,400. This brought prices within Rs200 of the all-time high of Rs263,700 per tola, recorded in August.

However, with Saturday’s drop, the current price now stands Rs2,200 per tola below last month’s record level.

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