Gold prices plunge for second consecutive day in Pakistan

KARACHI: Gold prices in Pakistan have dropped sharply over the past two days, shedding Rs15,800 per tola amid a decline in international bullion markets.

According to the All Pakistan Sarafa Gems and Jewellers’ Association, the price of 24-karat gold fell by Rs4,900 per tola on Friday to settle at Rs411,636.

The price of 10 grams of gold also declined by Rs4,201 to Rs352,911.

The latest drop follows a Rs10,900 per tola reduction on Thursday, when gold prices fell to Rs416,536. The two-day cumulative decline thus amounts to Rs15,800 per tola.

In the international market, gold fell by $49 per ounce to $3,891, according to the association’s figures.

Silver prices also registered a decline in the domestic market, with the price of a tola falling by Rs111 to Rs5,467. The price of 10 grams of silver decreased by Rs95 to Rs4,687.

International silver prices dropped by $1.11 per ounce to $49.89.

Meanwhile, the Pakistan Stock Exchange (PSX) ended the trading week on a positive note, with the benchmark KSE-100 Index gaining around 500 points to close at 177,873 points, according to the figures provided.