Gold, silver prices fall in Pakistan after decline in global bullion rates

ISLAMABAD: Gold and silver prices moved lower in Pakistan on Thursday after international bullion rates declined, according to figures released by the All-Pakistan Gems and Jewellers Sarafa Association.

The association said gold in the local market dropped by Rs2,300 per tola to Rs452,936. The price of 10 grams of gold also fell by Rs2,070, settling at Rs387,615. The decline followed a drop in the international market, where gold fell by $23 per ounce to $4,305.

Silver prices also registered a decline in both global and domestic markets. International silver fell by $1.44 per ounce to $68.80 per ounce. In Pakistan, silver prices decreased by Rs144 per tola to Rs7,359, while the rate for 10 grams was down Rs123 to Rs6,268.

A day earlier, local gold prices had edged up in line with the international market. On Wednesday, gold rose by Rs100 per tola to Rs455,236, while the 10-gram rate increased by Rs85 to Rs389,685, according to the association. The body had not issued gold and silver rates on Tuesday after calling for a protest over alleged raids on jewellery shops. Before that, on Monday, gold had climbed by Rs10,800 per tola to Rs455,136, while the international gold price had risen by $1 to $4,328 per ounce. Silver on Monday had slipped by Rs6 per tola to Rs7,503.