Gold price in Pakistan falls Rs12,800 per tola

Gold prices in Pakistan moved lower on Monday, with 24-karat gold selling at Rs438,136 per tola, which is Rs12,800 below the level recorded on September 26. The same grade was quoted at Rs375,631 per 10 grams after a drop of Rs10,973, based on figures from the All-Pakistan Gems and Jewelers Sarafa Association. The 22-karat variety also eased, changing hands at Rs344,340 per 10 grams.

Silver followed a similar path in the domestic market. The 24-karat metal sold at Rs6,578 per tola, down Rs325, while the 10-gram rate fell Rs279 to Rs5,639.

Internationally, spot gold traded near $4,146 an ounce, a fall of $113.7 or 2.67 per cent from the previous session. Mettis Global linked the move to higher crude prices, which revived inflation concerns and strengthened expectations of further interest rate increases by the US Federal Reserve.