Gold rate drops by Rs 1700 per tola

KARACHI: After hitting record highs in the earlier sessions, gold rates decreased in the local and international markets on Thursday. In Pakistan, gold price per tola stood at Rs250,200 after a single-day fall of Rs1,700.

The 10-gram gold was sold at Rs214,506 after a decrease of Rs1,458, according to rates shared by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

Stock Market opens on a recovery mode

On Wednesday, gold price per tola hit another record high of Rs251,900.

The safe-haven asset has seen a record surge this month due to geo-political tensions in the Middle East and central banks adding to their gold reserves.

However, the international rate of gold eased on Thursday, as per APGJSA. The rate was set at $2,395 per ounce ((with a premium of $20) after a decline of $17 during the day.

Meanwhile, silver rates remained stable at Rs2,780 per tola.