Gold loses traction, rate falls by Rs1,000 per tola
Price of gold falls by Rs1,000 per tola in line with international market
- Gold breaks seven-day winning streak.
- Price of gold falls by Rs1,000 per tola.
- Silver prices remain stable in Pakistan.
Gold rate in Pakistan dropped Monday in line with the international market, snapping a seven-day winning streak.
Data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) fell by Rs1,000 per tola and Rs858 per 10 grams to settle at Rs207,300 and Rs177,726.
The safe-haven commodity jumped from Rs197,500 per tola to Rs208,300 in the last seven trading sessions, gaining Rs10,800, due to the persistent economic and financial turmoil in the country.
The price of gold is Rs11,500 per tola “undercost” in Pakistan compared to the Dubai market, showing that the Pakistani gold market was currently cheaper than the global.
Gold prices in the international market fell as investors booked profits after the asset rose above a one-year peak of over $2,000 earlier in the day, amid banking fears and increasing bets of a rate pause by the Federal Reserve.
Meanwhile, silver prices in the domestic market remained stable at Rs2,250 per tola and Rs1,929 per 10 grams.