Gold price declines by Rs1,200 per tola

Karachi: The Gold price in Pakistan declined by Rs1,000 per tola on Wednesday.

The price of the precious yellow metal of 24 karat dropped by Rs1,200 to settle at Rs211,800 per tola in Pakistan, the association said.

Similarly, the rate of 10 grams of the precious metal also recorded a drop of Rs1,029 to settle at Rs181,584.

On the international stage, gold prices have been on a downward trend, with 0.2% to $1,978.14 per ounce, while U.S. gold futures dropped 0.4% to $1,987.10.

It's important to keep in mind that gold rates in Pakistan can change multiple times during the day due to global market trends.

Spot gold posted a 7.3% jump in October, with prices hitting an over five-month high of $2,009.29 last week.

Gold may fall into a range of $1,951-$1,964 per ounce, following its repeated failures to break a resistance at $2,010, according to Reuters technical analyst Wang Tao.

The rate of silver dropped 1.5% to $22.56 per ounce, platinum slipped 0.9% to $925.18, while palladium was steady at $1,116.19.