Gold and Silver Prices Drop in Pakistan Amid Global Decline
Gold and silver prices declined across both international and local markets on Saturday following a drop in global bullion benchmarks, according to data from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
In the international bullion market, the price of gold fell by $43 per ounce to $4,138 in line with their loss in the international market. In the local market, the price of gold fell by Rs4,300 per tola to Rs436,336, while the price of 10-gram gold decreased by Rs3,687 to Rs374,087.
Precious Metals Movement in Local Markets
The downward trend also affected silver prices across domestic trading. The price of silver fell by Rs56 per tola to Rs6,522, and the price of 10-gram silver decreased by Rs48 to Rs5,591.
These Saturday declines erased gains made the previous day. On Friday, according to rates released by the All Pakistan Sarafa Gems and Jewellers Association, the price of gold in the local market had increased by Rs2,000 per tola to reach Rs440,636, while 10-gram gold rose by Rs1,715 to Rs377,774 following a rise in the international market where rates increased by $20 to $4,181 per ounce.
Weekly Price Fluctuations
Market rates fluctuated throughout the week prior to Saturday’s drop. On Thursday, gold had declined by Rs3,000 per tola to Rs438,636. On Wednesday, prices increased after a three-day pause, with local gold rising by Rs4,300 per tola to Rs441,636. Tuesday marked a second consecutive session of local declines where 24-karat gold fell by Rs800 per tola to Rs437,336, and Monday saw a sharp local drop of Rs12,800 per tola to Rs438,136 tracking a steep decline in the international market.