Gold price decreases further in Pakistan

Karachi: The gold price recorded a drop of Rs100 per tola on Thursday, taking the price to Rs125,600 in Pakistan.

According to the All Sindh Sarrafa and Jewellers Association, 24k-gold is now selling at $1,822 per ounce. Ten grams of gold dropped by Rs85 to trade at Rs107,682 on January 13.

It gained by $4 per ounce in the international market. Gold has recorded an increase of $24 in the last four days.

The precious commodity hit a record high of $2,074 an ounce in August 2020 and a five-month high of $1,874 on November 16. It reached a peak of Rs132,000 per tola in Pakistan on October 26.

Silver rate

Meanwhile, the rate of silver stayed unchanged in the local market. It is being sold at Rs1,450 per tola and Rs1,243.14 per 10 grams.

A day earlier, the gold price recorded a drop of Rs300 per tola, taking the precious metal to Rs125,700 in Pakistan. According to the All Sindh Sarrafa and Jewellers Association, the precious metal lost Rs300 to settle at Rs125,700 per tola and Rs258 to fall to Rs107,767 per 10 grams in the domestic market. 24k-gold is now selling at $1,818 per ounce.

Meanwhile, in the international market, it gained by $11 per ounce to $1,818. Gold recorded an increase of $20 in three days.

The rate of silver stayed unchanged in the local market. It is being sold at Rs1,450 per tola and Rs1,243.14 per 10 grams.

It last changed on January 7 after being static for 45 days.

It is pertinent to mention here that the gold rates in Pakistan are around Rs1,500 below cost compared to the gold rate in the Dubai market.