Gold price in Pakistan falls Rs3,800 per tola

Gold rates in Pakistan slipped on Thursday, according to Mettis Global, with 24-karat gold selling at Rs453,436 per tola after a fall of Rs3,800. The All-Pakistan Gems and Jewelers Sarafa Association shared the rates, putting the 10-gram price of the same metal at Rs388,749, down Rs3,257. Quotes for 22-karat gold moved down as well, with the 10-gram price at Rs356,364.

Silver also weakened in the domestic market. The 24-karat variety sold for Rs6,869 per tola, which was Rs73 lower, and Rs5,889 per 10-gram, down Rs62.

Spot gold traded near $4,326 an ounce globally, up $54.6 or 1.28 per cent from the previous session. Mettis said markets were weighing the latest U.S. Federal Reserve rate hike and signals of further tightening, while an earlier jump in oil prices was fading.