Gold loses Rs7,000 per tola in Pakistan

Business Recorder reported that domestic bullion rates dropped on Friday, October 23, with a tola of gold quoted at Rs424,536 after a Rs7,000 daily decline. The 10-gram rate was Rs363,971, down Rs6,001, based on figures circulated by the All-Pakistan Gems and Jewellers Sarafa Association.

The move followed a weaker international market, where gold fell $70 to $4,020 per ounce. Local gold had also declined on Thursday, when its tola price stood at Rs431,536 following a Rs3,000 reduction. Silver moved lower as well, losing Rs221 to trade at Rs5,865 per tola. The figures show a broad same-day retreat across the precious metals covered in the report, rather than a change limited to one local gold measure.

For Pakistani investors and businesses tracking bullion, the latest domestic and international quotations provide a snapshot of the market on Friday. The reported silver rate also gives readers a comparison with gold's movement, although the source provides no explanation for either metal's decline.