Gold falls Rs10,800 per tola in Pakistan to Rs409,736 on Saturday

Gold prices in Pakistan fell sharply on Saturday, the last days of October, in line with a decline in the international bullion market. The price of 24-karat gold dropped by Rs10,800 in a day to Rs409,736 per tola, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The price of 10 grams of 24-karat gold fell by Rs9,259 and was sold at Rs351,282, the same association's rates showed.

The latest fall extends a two-day decline. Gold had lost Rs5,100 per tola on Friday, when the rate reached Rs420,536. Together the two days have taken Rs15,900 off the price per tola, Daily Pakistan reported. It put Thursday's closing rate at Rs425,636 per tola, and said the combined reduction equals about 3.7% of that figure.

In the global market, gold lost $108 per ounce, falling to $3,872 from $3,980, Daily Pakistan reported. Business Recorder said local prices decreased in line with the loss in the international market.

Silver also moved lower. According to APGJSA, the price of silver dropped by Rs142 per tola to Rs5,388. Daily Pakistan also cited separate Lahore market quotations: 999.0 Tezabi silver at Rs5,150, a 1KG silver bar at Rs5,200 and a 10-tola silver piece at Rs5,250. It noted that the exact pricing basis of the Lahore silver figures was not specified.

Daily Pakistan calculated that gold now stands Rs9,736 above the Rs400,000 level, and that a further fall of about 2.4% would take it below that mark. The outlet added that there is no certainty prices will keep falling.