Gold prices drop further by Rs500 per tola in local market

KARACHI: Gold prices in Pakistan fell for the third consecutive session on Tuesday, tracking a dip in global rates.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold dropped by Rs500 per tola, bringing it down to Rs358,300. The rate for 10-gramme gold also slid by Rs429 to settle at Rs307,184.

The decline follows Monday’s sharp drop of Rs3,600 per tola, when gold closed at Rs358,800 in the domestic market.

The downward trend was also reflected internationally. APGJSA reported that the global price stood at $3,356 per ounce, including a $20 premium, down $5 from the previous session.

In contrast, silver prices held steady, with one tola selling at Rs4,013 in the local market.

Monday’s fall

On Monday, gold witnessed a steep fall of Rs3,600 per tola, matching the weakness seen in international bullion markets.

The 10-gramme price dropped by Rs3,086 to Rs307,613. Internationally, gold was priced at $3,361 per ounce, including a $20 premium, down by $36 from the prior close. Silver also eased that day, slipping by Rs51 per tola to Rs4,013.

A volatile week

Last week saw wild swings in gold prices. The metal opened Monday at Rs359,500 per tola, dipped to Rs358,000 on Tuesday, then recovered slightly to Rs359,300 on Wednesday.

A sudden jump of Rs2,900 on Thursday pushed prices to Rs362,200, followed by a Rs500 rise on Friday to Rs362,700. Saturday brought a modest Rs300 drop, closing the week at Rs362,400.

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