Gold price drops by Rs1,800 per tola in Pakistan

Gold rates in Pakistan moved lower on Wednesday, tracking weakness in the international market. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), a tola of gold was quoted at Rs453,936 after a Rs1,800 fall during the day. Business Recorder reported that 10-gram gold stood at Rs389,176 after losing Rs1,544 over the same period.

The tola price stood at Rs455,736 on Tuesday after a similar Rs1,800 decline, so the local rate has moved lower again since Tuesday. Internationally, the price per ounce fell by $18 to $4,314. Silver also softened, dropping Rs30 to Rs7,008 per tola.

In rupee terms the fall was larger for the tola, which dropped Rs1,800, than for the 10-gram unit, which lost Rs1,544. Both rates were shared by the APGJSA, so the figures reflect the association's daily quotes.