Gold prices decline in Pakistan after sharp gains in previous sessions

KARACHI: Gold prices in Pakistan fell on Monday, with the price of 24-karat gold declining by Rs2,700 per tola, according to the All-Pakistan Gems and Jewellers Sarafa Association.

The price of a tola of gold fell to Rs457,636 from Rs460,336 recorded on Friday, when the precious metal had risen by Rs6,900.

The price of 10 grammes of 24-karat gold declined by Rs2,315 to Rs392,348, the association said.

The price of 10 grammes of 22-karat gold also fell, although the latest figure was not provided in the data available from the association.

In the international market, gold prices fell by $27 to $4,350 per ounce on Monday, according to the association.

Gold prices have remained volatile in Pakistan in recent sessions.

On Friday, the price of a tola rose sharply by Rs6,900 to Rs460,336. This followed a Rs3,800 decline on Thursday, which had brought the price down to Rs453,436.

The Thursday decline came after gold had surged by Rs7,900 in the previous session.

Gold prices had also fallen by Rs7,800 over the two sessions before Wednesday’s sharp rally, highlighting the significant swings in the domestic bullion market.

On Friday, the price of 10 grammes of 24-karat gold stood at Rs394,663, while 22-karat gold was priced at Rs356,364 per 10 grammes.

The latest decline leaves the price of a tola of gold Rs4,200, or about 0.9 per cent, below Thursday’s level, when it stood at Rs461,836 based on the Friday increase of Rs6,900 and the Thursday decline of Rs3,800 from Wednesday’s price.