Gold price drops by Rs550 per tola in Pakistan

• Domestic gold prices settle at Rs128,100 per tola and Rs109,825 per 10 grams.
• The international gold price rises by $17 per ounce to $1,866 today.
• Cumulatively, the precious commodity gains Rs4,800 per tola during the outgoing week in the local market.

KARACHI: The price of gold in Pakistan recorded a decrease of Rs550 per tola and Rs472 per 10 grams on Saturday.

Domestic gold prices settled at Rs128,100 per tola and Rs109,825 per 10 grams contrary to the rising trend in global markets.

Cumulatively, the precious commodity gained Rs4,800 or 3.89% per tola during the outgoing week, according to All Sindh Saraf and Jewellers Association (ASSJA).

Meanwhile, the international gold price rose by $17 per ounce to $1,866 today.

On Thursday, speaking to Geo.tv, a gold dealer said that a consistent price increase during the week has negatively affected the already low demand for gold in the local market.

“We do see some seasonal demand due to the wedding season but comparatively a lack of purchasing power has pushed consumers towards artificial jewellery,” he had said.

Shedding light on the outlook of the yellow metal, the dealer had said that going forward, the price will undergo an increase.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,480 per tola and Rs1,268.86 per 10 grams today.