Gold price falls for fourth straight day in Pakistan

KARACHI: Gold prices in Pakistan fell for the fourth consecutive day on Thursday, with the price of one tola declining by Rs5,600 to Rs448,336, according to the All Pakistan Gems and Jewellers’ Sarafa Association.

Gold has become Rs11,900 cheaper per tola over the past four days. On Wednesday, the price had fallen by Rs1,800 to Rs453,936 after declining by Rs4,500 on Tuesday and Rs2,000 on Monday.

The price of 10 grammes of gold fell by Rs4,800 on Thursday to Rs384,175, the association said.

Silver prices also declined, with the price of one tola falling by Rs171 to Rs6,837.

In the international market, gold fell by $56 per ounce to $4,258.

The decline in international gold prices was reflected in the local bullion market, contributing to the fourth consecutive daily fall in domestic gold rates.

Gold prices in Pakistan are influenced by international bullion rates as well as movements in the rupee’s value, local demand and supply and other market factors.