Gold prices in Pakistan declined on Friday as rates also moved lower in the international market.
The price of one tola fell by Rs. 5,600 during the day. It reached Rs. 456,736 in the local market. The latest rates were released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The decline followed another decrease recorded in Pakistan a day earlier.
Gold Price Per Tola Falls by Rs. 5,600
According to APGJSA, the price of one tola dropped to Rs. 456,736 on Friday.
This represented a decrease of Rs. 5,600 compared with the previous rate. The price of 10-gram Gold also recorded a significant decline.
The 10-gram rate fell by Rs. 4,801 to Rs. 391,577. The latest movement came as precious metal prices declined in the international market.
Gold Prices Also Fell on Thursday
Local prices had already moved lower during the previous trading session.
On Thursday, the price of one tola decreased by Rs. 600. Following that decline, the rate stood at Rs. 462,336 per tola.
Friday’s decrease was considerably larger than the decline recorded a day earlier. The two consecutive decreases have brought domestic rates down from their recent levels.
International Gold Price Drops by $56
The international market also recorded a notable decline on Friday. International Gold prices dropped by $56 earlier in the day.
Following the decrease, the international rate stood at $4,342 per ounce. Changes in international precious metal prices can influence rates in Pakistan.
Local rates can also be affected by currency movements and other market conditions.
Silver Price Also Declines
Silver prices followed the downward trend during Friday’s trading session.
The price of silver decreased by Rs. 253 per tola.
After the latest decline, silver was priced at Rs. 6,871 per tola. Both major precious metals therefore recorded lower prices during the day.
The latest figures indicate continued movement in Pakistan’s precious metals market.
Buyers and investors generally monitor daily rates because prices can change with international market conditions.
In other news read more about: Gold Rates in Pakistan Fall Rs1,000 Per Tola
According to Friday’s reported rates, one tola of gold now costs Rs. 456,736. The 10-gram price stands at Rs. 391,577.
