Gold prices fall for second consecutive day in Pakistan

KARACHI: Gold prices in Pakistan fell for a second consecutive session on Tuesday, with the price of 24-karat gold declining by Rs1,800 per tola to Rs455,736, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The price of 10 grammes of 24-karat gold fell by Rs1,543 to Rs390,720, according to the association.

The latest decline came a day after gold prices dropped by Rs2,700 per tola on Monday to Rs457,536. On Friday, the price had surged by Rs6,900 to Rs460,336 after falling by Rs3,800 on Thursday to Rs453,436.

Gold prices have remained highly volatile in the domestic market in recent sessions, with sharp movements recorded almost every day.

On Wednesday, September 16, gold had risen by Rs7,900 per tola to Rs457,236, before falling by Rs3,800 to Rs453,436 on Thursday. The price then rebounded by Rs6,900 on Friday to Rs460,336.

The Friday increase followed declines of Rs4,000 on Tuesday and Rs3,800 on Monday, highlighting the sharp swings in the domestic bullion market.

On Monday, the price of 10 grammes of 24-karat gold stood at Rs392,263 after declining by Rs2,315. The international price of gold also fell by $27 to $4,350 per ounce on Monday, according to the APGJSA.

In the international market, gold remained under pressure on Monday, with spot gold falling 0.6 per cent to around $4,349.94 per ounce, as a stronger US dollar and expectations of further monetary tightening weighed on demand for the precious metal.