Gold price in Pakistan falls Rs3,000 per tola

Mettis Global reported that 24-karat gold in Pakistan was priced at Rs431,536 per tola on Thursday, a daily decline of Rs3,000. The 10-gram rate for the same purity stood at Rs369,972, down Rs2,572, while 22-karat gold was quoted at Rs339,153 per 10 grams, according to the All-Pakistan Gems and Jewelers Sarafa Association.

Silver also weakened locally: 24-karat silver was Rs6,086 per tola and Rs5,217 per 10 grams, lower by Rs121 and Rs104 respectively. Internationally, spot gold was near $4,062 an ounce, down $62.8 or 1.52% from the prior session; Mettis Global linked the decline to higher oil prices fuelling inflation concerns and expectations that interest rates could remain elevated, with markets awaiting next week’s Federal Reserve meeting.