Gold prices fall Rs4,700 per tola as decline continues for fourth day

On Tuesday, gold prices declined by Rs2,500 to Rs434,936

KARACHI:

Gold prices continued to decline for the fourth consecutive day in global and local markets on Wednesday. In the international bullion market, the price of gold fell by $47 per ounce, reaching $4,078 per ounce.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola in the local market decreased by Rs4,700, falling to Rs430,236. The price of 10 grams of gold declined by Rs4,029 to Rs368,858.

Meanwhile, the price of silver per tola also dropped by Rs138, reaching Rs6,421, while the price of 10 grams of silver decreased by Rs119 to Rs5,504.

On Tuesday, gold prices declined in global and local markets. In the international bullion market, the price of gold decreased by $25 per ounce, falling to $4,125.

According to the APGJSA, the price of gold per tola also declined by Rs2,500 to Rs434,936. The price of gold per 10 grams decreased by Rs2,143, settling at Rs372,887.

Meanwhile, the price of silver per tola fell by Rs120 to Rs6,559. The price of silver per 10 grams also declined by Rs103, standing at Rs5,623.

Read: Gold falls Rs2,400 as global rates retreat

On Monday, gold prices in Pakistan also declined, tracking losses in the international market. In the local market, the price of gold per tola stood at Rs437,436 after falling by Rs2,400 during the day, according to rates released by the APGJSA.

Similarly, 10-gram gold was traded at Rs375,030, down Rs2,058.

On Saturday, the price of gold per tola closed at Rs439,836 after declining by Rs1,100. The decline came as investors weighed mixed signals from the US economy.