Gold price falls Rs3,600 per tola in Pakistan as global rates slide

KARACHI: Gold prices in Pakistan fell notably on Monday, mirroring the downturn seen in international trading. In the domestic market, the price of gold dropped by Rs3,600 per tola, bringing it down to Rs358,800.

According to figures released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10-gramme gold also fell sharply, losing Rs3,086 to settle at Rs307,613. The drop comes just two days after gold had already slipped by Rs300 per tola on Saturday, closing the week at Rs362,400.

The international bullion market also saw losses on Monday. Gold was priced at $3,361 per ounce, including a $20 premium, marking a $36 decline from the previous session. Silver followed suit, with its local price falling by Rs51 per tola to Rs4,013.

Gold ends volatile week still above early August levels

The latest drop capped off what has been a volatile week for the precious metal. Trading last Monday began with gold inching up to Rs359,500 per tola before falling to Rs358,000 on Tuesday. Wednesday brought a small recovery to Rs359,300, but Thursday saw a sudden surge of Rs2,900, pushing prices to Rs362,200. The rally continued on Friday with a Rs500 gain, lifting the rate to Rs362,700, before Saturday’s marginal pullback.

Despite Monday’s decline, gold is still priced higher than it was in early August, when rates hovered around Rs359,000 per tola.

PKR edges higher

In currency trading, the Pakistani rupee continued to strengthen against the US dollar. During early hours of inter-bank trading on Monday, the rupee gained 15 paisa, trading at 282.32. The local currency had already recorded a 0.09 percent gain during the previous week, closing 25 paisa stronger against the greenback.

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