Gold price drops by more than Rs3,000 per tola in Pakistan

Gold prices slipped in the local market on Friday, giving buyers some relief as rates moved lower across all categories.

According to figures released by the All Pakistan Gems and Jewellers Sarafa Association, the price of 24 karat gold fell by Rs3,300 per tola and settled at Rs439,762.

The same purity dropped by Rs2,829 per 10 grams, bringing the new rate to Rs377,025.
For those purchasing 22 karat gold, the price eased to Rs345,618 per 10 grams.

Silver also sees decline

The downward trend was not limited to gold. Silver prices in the domestic market also recorded a fall. The rate for 24 karat silver slipped to Rs5,522 per tola after a cut of Rs140, while the price per 10 grams stood at Rs4,734 following a reduction of Rs120.

Global market mirrors local trend

Internationally, gold prices were under pressure as well. Spot gold traded close to $4,161 an ounce, lower by $24.7 or 0.59 percent from the previous session.