Gold prices fall after seven consecutive days of gains

Gold prices declined on Thursday after rising for seven consecutive days in local markets, as international bullion prices fell $35 per ounce to $4,380.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the local price of gold declined by Rs3,500 per tola to Rs460,436. The price of 10 grams of gold also fell by Rs3,001 to Rs394,749.

Similarly, the international price of silver declined by $1.75 per ounce to $64.57.

In local markets, the price of silver fell by Rs175 per tola to Rs6,936, while the price of 10 grams declined by Rs150 to Rs5,946.

A day earlier, gold prices rose in international and local markets. International gold increased by $42 to $4,415 per ounce.

Meanwhile, the local price rose Rs4,200 to Rs463,936 per tola and Rs3,601 to Rs397,750 per 10 grams, according to the APGJSA. Silver also gained, with the per-tola price rising Rs146 to Rs7,111 and the 10-gram price Rs125 to Rs6,096.

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On Tuesday, the price of gold increased by Rs2,400 per tola to Rs459,736 while the price of 10 grams of gold rose by Rs2,058 to Rs394,149.

On Monday, the local price of gold per tola climbed Rs800 during the day to close at Rs457,366. 10 grams of gold was quoted at Rs392,091, up Rs685.

On Saturday, the per-tola rate had advanced Rs2,200 to finish at Rs456,536. Internationally, gold gained $8 to settle at $4,349 per ounce, carrying a $20 premium.

Silver also edged higher in the domestic market, rising Rs77 to Rs6,903 per tola.