Gold drops Rs4,700 per tola as four-day slide continues

ISLAMABAD: Gold prices extended their decline for a fourth straight day on Wednesday in both the international and domestic markets, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

In the global bullion market, gold fell by $47 per ounce to $4,078. Reflecting that trend, the local price of gold per tola dropped by Rs4,700 to Rs430,236. The rate for 10 grams of gold also moved lower, shedding Rs4,029 to settle at Rs368,858.

Silver prices also registered losses. The APGJSA said silver per tola declined by Rs138 to Rs6,421, while the price of 10 grams of silver decreased by Rs119 to Rs5,504.

Recent declines

The downward move followed losses recorded a day earlier. On Tuesday, gold in the international market fell by $25 per ounce to $4,125. In Pakistan, the per tola price decreased by Rs2,500 to Rs434,936, while 10 grams of gold dropped by Rs2,143 to Rs372,887.

Silver also eased on Tuesday, with the per tola rate falling by Rs120 to Rs6,559. The price of 10 grams of silver was down Rs103 at Rs5,623.

Earlier in the week, gold prices had already come under pressure. On Monday, the local market rate for gold per tola stood at Rs437,436 after a decline of Rs2,400, while 10 grams were priced at Rs375,030, down Rs2,058, according to APGJSA figures.

Before that, on Saturday, gold per tola had closed at Rs439,836 after losing Rs1,100 during the day. The earlier decline came as investors assessed mixed signals from the US economy.