Gold ends week with total loss of over Rs6,000 per tola

KARACHI: Gold prices in Pakistan continued their downward run on Saturday, falling for the fifth session in line with losses in the international market.

The price of gold in local market dropped by Rs900 per tola, bringing it down to Rs356,200. The 10-gramme rate also slipped by Rs771 to settle the week at Rs305,384.

The decline followed Friday’s fall of Rs1,000, when the yellow metal closed at Rs357,100 per tola. On the global front, gold was quoted at $3,335 per ounce, including a $20 premium, marking a loss of $9 for the day.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), silver also mirrored the trend, with its price per tola down by Rs41 to Rs4,031.

A week of notable dips

This week has seen gold prices consistently shedding value. On Monday, rates plunged by Rs3,600 to Rs358,800 per tola, one of the sharpest single-day drops in recent months. Tuesday witnessed another decline of Rs500, pushing the price down to Rs358,300, followed by a Rs200 fall on Wednesday to Rs358,100.

Markets remained shut on Thursday due to the Independence Day holiday, but the slide resumed on Friday with a Rs1,000 decrease. Saturday’s decline of Rs900 capped a week that has left jewellers and investors cautious.

Weekly comparison

Just a week ago, on August 9, gold closed at Rs362,400 per tola. With Saturday’s closing at Rs356,200, the local market has recorded a net weekly loss of Rs6,200.

Experts said the price slump was largely tied to fluctuations in the international market, where investors are closely watching signals on interest rates and global economic conditions.

For local buyers, the fall has provided some relief, though demand seems muted as many continue to hold back in hopes of further declines.

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