Gold price in Pakistan falls Rs3,500 per tola

Mettis Global reported that gold prices in the domestic market slipped on Thursday, with 24-karat gold selling at Rs460,436 per tola after a drop of Rs3,500. The All-Pakistan Gems and Jewelers Sarafa Association shared rates showing 24-karat gold at Rs394,749 per 10-gram, down Rs3,001. Rates for 22-karat gold stood at Rs361,866 per 10-gram, also lower.

Silver also declined in the local market. The 24-karat variety sold for Rs6,936 per tola, down Rs175, and Rs5,946 per 10-gram, down Rs150. Comparison figures for the previous session put gold at Rs463,936 per tola and silver at Rs7,111.

On the international market, spot gold was trading near $4,387 an ounce, a fall of $27.2 or 0.62 per cent versus the prior session. Traders were pausing after a rally driven by softer US inflation figures, and attention had shifted to a producer price figure seen as a guide to the Federal Reserve's rate path.