Gold price in Pakistan falls Rs1,800 per tola

Gold prices in Pakistan moved lower on Wednesday, according to Mettis Global, with 24-karat gold selling at Rs453,936 per tola after a drop of Rs1,800 from the previous session. On a per 10-gram basis, the same metal changed hands at Rs389,176, a decline of Rs1,544, based on rates released by the All-Pakistan Gems and Jewelers Sarafa Association.

The 22-karat variety was also quoted lower at Rs356,757 per 10 grams, while silver fell too. The 24-karat silver price stood at Rs7,008 per tola, a Rs30 decrease, and Rs6,008 per 10 grams, down Rs25.

Internationally, spot gold traded near $4,312 an ounce, down $50.7 or 1.16 per cent from the previous session. Mettis Global attributed the move to investors expecting leading central banks to keep interest rates elevated for an extended period as they fight stubborn inflation.