Gold falls Rs5,500 per tola as global rates decline

Gold prices in Pakistan fell on Wednesday, tracking a decline in the international market.

In the local market, the price of gold dropped by Rs5,500 per tola, bringing it down to Rs479,562. Similarly, the rate for 10 grams of gold decreased by Rs4,715, settling at Rs411,147, according to figures released by the All-Pakistan Gems and Jewellers Sarafa Association.

A day earlier, gold had already recorded a sharp fall, with the per tola price declining by Rs8,900 to close at Rs485,062 on Tuesday.

In the global market, gold prices also moved downward, shedding $55 to reach $4,572 per ounce, which includes a premium of $20.

Meanwhile, silver prices followed the same trend, dropping by Rs45 per tola to stand at Rs7,766.