Gold price further drops by Rs850 per tola in Pakistan

Karachi: The gold price on Friday further dropped during the consecutive third day by Rs850 per tola. 

According to the All Sindh Sarrafa and Jewellers Association, gold price recorded a drop of Rs850 per tola, taking the precious metal to Rs124,750 in Pakistan.

The precious metal lost Rs729 to fall to Rs106,953 per 10 grams in the domestic market. 24k-gold is now selling at $1,818 per ounce.

Meanwhile, in the international market, it dropped by $1 to reach $1,821 per ounce. 

On Thursday, the gold price recorded a drop of Rs100 per tola, taking the price to Rs125,600 in Pakistan. 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.