Gold price in Pakistan falls Rs3,500 per tola

Mettis Global reported that gold prices in Pakistan fell on Thursday, with 24-karat gold selling at Rs483,036 per tola, a drop of Rs3,500. The same metal was priced at Rs414,125 per 10 grams after a decline of Rs3,001, based on rates shared by the All-Pakistan Gems and Jewelers Sarafa Association. The 22-karat version was quoted lower at Rs379,628 per 10 grams.

Silver moved in the opposite direction in the domestic market, rising Rs50 to Rs7,329 per tola and Rs43 to Rs6,283 per 10 grams. Internationally, spot gold stood near $4,595 an ounce, a fall of $28.9 or 0.62 per cent compared with the prior session.

Concerns that currency values are being eroded have continued to underpin the metal. Market attention has shifted to remarks expected from Federal Reserve Chair Kevin Warsh later this week.