Gold prices decline by Rs3,500 per tola in local market

The Express Tribune reported that gold prices fell in the local market on Thursday, with the All-Pakistan Gems and Jewellers Sarafa Association putting the tola rate down Rs3,500 at Rs483,036. The 10-gram price dropped Rs3,001 to Rs414,125, while silver moved the other way, gaining Rs50 per tola to Rs7,329. Abroad, bullion lost $35 an ounce, falling to $4,605.

The latest fall follows a volatile run of sessions. The tola rate closed at Rs486,536 on Tuesday after a Rs600 decline, having reached Rs487,136 on Monday following a Rs4,200 gain. The gold market stayed shut on Wednesday because of the Eid Miladun-Nabi public holiday, and the tola rate had jumped Rs5,700 on Saturday.

On Saturday, spot gold had climbed 1.5% to $4,673.20 an ounce according to Reuters, a peak not seen since May 14, while December-dated US gold futures gained 1.1% to $4,730.40. In the domestic market, the 10-gram silver price edged up Rs43 to Rs6,283.