Gold drops by Rs1,400 per tola in Pakistan, silver also slips

Price of 10 grams of 22-karat gold drops by Rs1,100

The price of 24-karat gold per tola fell by Rs1,400 on Monday, selling at Rs444,900 compared to Rs446,300 on the previous trading day, according to the All Pakistan Sarafa Gems and Jewellers Association.

Similarly, the price of 10 grams of 24-karat gold decreased by Rs1,200, settling at Rs381,430 from Rs382,630.

Meanwhile, the price of 10 grams of 22-karat gold dropped by Rs1,100 to Rs349,656 from Rs350,756.

In the international market, gold prices also declined by $17 per ounce, falling to $4,235 from the previous rate of $4,252.

Silver prices followed a similar trend. The price of 24-karat silver per tola declined by Rs12, reaching Rs5,261 from Rs5,273, while 10 grams of silver fell by Rs10 to Rs4,510 from Rs4,520.

International silver rates also dipped by $0.26, settling at $51.60 per ounce.

Read: Gold prices plunge in global, local markets

Spot gold was up 0.3% at $4,259.34 per ounce, as of 0514 GMT. U.S. gold futures for December delivery climbed 1.4% to $4,273 per ounce.

Spot silver rose 0.6% to $52.18 per ounce. Prices fell about 4.4% on Friday in their worst session since early April, after hitting a record high of $54.47 earlier in the day.