Second straight drop: Gold price falls by Rs2,500 per tola

KARACHI: It seems like gold is reversing the gains it made recently as rates dropped on the first trading day of the month.

On Friday, gold price in Pakistan dropped by Rs2,500 per tola to end the day at Rs284,700 as compared to its previous rate of Rs287,200 per tola, which was recorded on Thursday when gold witnessed a decline of Rs700 per tola.

Gold prices have dropped by Rs3,200 in total in these two trading days.

The decline in gold price comes after the gold prices dropped in the international market.

The price of gold, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), was recorded at $2,752 per ounce, showing a single-day decline of $25.

Silver prices in the local market were recorded at Rs3,430 per tola.

The current price of gold is Rs3,200 per tola lower than the all-time high rate of Rs287,900 per tola which was recorded on October 30.

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