Gold price in Pakistan falls Rs1,800 per tola

Bullion rates released by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA) showed local gold prices sliding on Monday. The 24-karat price stood at Rs466,136 per tola after a reduction of Rs1,800, while the per 10-gram rate dropped by Rs1,543 to Rs399,636. The 22-karat quote also came down, reaching Rs366,346 per 10 grams.

Silver moved in the opposite direction in the domestic market. The 24-karat variety gained Rs67 to Rs7,179 per tola and Rs57 to Rs6,154 per 10 grams. Internationally, spot gold was quoted at about $4,439 an ounce, after shedding $19.5, a fall of 0.44% compared with the earlier trading day.

Mettis Global linked the overseas decline to remarks by Federal Reserve Chair Kevin Warsh, who indicated more interest rate increases might be needed to keep inflation under control.