Gold price falls Rs1,800 per tola in Pakistan
10-gram 24-karat gold also declined, and silver fell Rs62 per tola, according to jewellers
ISLAMABAD: Gold prices in Pakistan fell on Tuesday, with 24-karat gold per tola dropping by Rs1,800 to settle at Rs455,736, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association.
The association's daily list showed 10 grams of 24-karat gold declined by Rs1,543 to Rs390,720. APP, citing the association, also reported that 10 grams of 22-karat gold decreased by Rs1,414 to Rs358,173.
Business Recorder said the domestic fall followed losses in international bullion, where gold slipped $18 to $4,332 per ounce. The newspaper reported that on Monday the per tola rate had closed at Rs457,536 after a fall of Rs2,700 during the day.
Silver also moved lower. The association's rate for silver per tola dropped by Rs62 to Rs7,038.
Tuesday's decline added to the Rs2,700 per tola drop recorded a day earlier. For consumers and investors, the new rates mean a tola of 24-karat gold costs Rs1,800 less than on Monday, while 10 grams of 24-karat gold costs Rs1,543 less. The 22-karat rate used for most jewellery fell by Rs1,414 per 10 grams.
The association publishes local rates daily, based on international benchmark prices and the rupee-dollar exchange rate. Pakistan imports most of its gold, so changes in global prices pass through quickly to the domestic market. Gold and silver are both quoted by the association in tola and 10-gram units, and Tuesday's decreases were broad-based across all categories. Dealers in major cities use these rates as a reference for transactions.
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