Gold drops in local and global markets as silver edges higher

ISLAMABAD: Gold prices fell on Tuesday in both international and domestic bullion markets, while silver posted gains, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association.

In the global market, gold declined by $41 per ounce to $4,024. In Pakistan, the price of gold per tola dropped by Rs4,100 to Rs424,836, while the rate for 10 grams fell by Rs3,515 to Rs364,228.

Silver moved in the opposite direction. In the international market, spot silver rose 1% to $58.88 per ounce. In the local market, silver per tola increased by Rs25 to Rs6,349, and the price of 10 grams went up by Rs22 to Rs5,443. Platinum was steady at $1,574.75, while palladium gained 1.5% to $1,232.16, though all three metals were on course for monthly and quarterly losses.

A day earlier, local gold prices had also moved lower in line with the international market. According to the association's rates, gold per tola stood at Rs428,936 on Monday after shedding Rs2,300, while 10 grams were priced at Rs367,743 following a Rs1,972 decline. Silver had fallen by Rs69 to Rs6,324 per tola on Monday. On Saturday, gold had closed at Rs431,236 per tola after a drop of Rs1,000.