Gold price drops by Rs3,700 per tola in Pakistan

Local gold rates moved lower on Wednesday, following a weaker trend in overseas markets, according to Business Recorder. The price of one tola stood at Rs458,236 after shedding Rs3,700 over the course of the day. Figures shared by the All-Pakistan Gems and Jewellers Sarafa Association put a 10-gram piece at Rs392,863, down Rs3,172 on the day.

Tuesday's per tola rate had stayed flat at Rs461,936 before the latest move. In global trading, gold lost $37 to reach $4,358 an ounce, and that quote carries a $20 premium. Silver followed the same direction, slipping Rs186 to Rs6,800 per tola.

Both the domestic and overseas gold quotes moved lower during the same session, with Tuesday's local rate serving as the reference point. In rupee terms, silver's Rs186 decline was much smaller than the Rs3,700 fall recorded for gold per tola.