Gold price in Pakistan falls Rs5,600 per tola

Gold prices in Pakistan declined on Thursday, with 24-karat gold selling at Rs448,336 per tola after a drop of Rs5,600. Mettis Global reported that the All-Pakistan Gems and Jewelers Sarafa Association shared the rates, which show 24-karat gold at Rs384,375 per 10-gram following a fall of Rs4,801. Pricing for 22-karat gold also moved down, to Rs352,356 per 10-gram.

Silver also weakened in the local market. The 24-karat grade was priced at Rs6,837 per tola, Rs171 lower, and Rs5,861 per 10-gram, down Rs147.

Spot gold was quoted around $4,250 an ounce internationally, falling $38.7, or 0.90 per cent, versus the prior session. Mettis Global connected the fall to expectations of more tightening by the US Federal Reserve, with lower oil costs offering some support.