Gold prices in Pakistan dropped on Saturday, following a sharp fall in the international market, according to the All-Pakistan Gems and Jewellers Sarafa Association.
In the local market, the price of gold per tola fell by Rs8,700 during the day, bringing it down to Rs524,562. The price of 10 grams of gold also declined, dropping by Rs7,459 to reach Rs449,727.
The fall came a day after gold had already recorded a notable decline. On Friday, the price per tola had slipped by Rs7,100 to settle at Rs533,262.
Traders said the local market often follows trends in the global bullion market, and the latest drop was mainly driven by a sharp fall in international prices.
Globally, gold lost $87 per ounce, bringing the rate down to $5,018 per ounce. The price includes a premium of $20, according to market figures shared by jewellers.
Silver prices also moved lower in the local market. The metal fell by Rs310 per tola, taking its new price to Rs8,541.
Rupee records small gains
Meanwhile, Pakistan’s currency recorded a slight gain against the US dollar in interbank trading on Friday.
The Pakistani rupee strengthened by 1.03 paisa to close at Rs279.31 against the dollar, compared with the previous session’s closing level of Rs279.32.
During the trading session, the currency moved within a narrow range. It touched an intraday high of Rs279.45 and a low of Rs279.30.
In the open market, exchange companies quoted the US dollar at Rs279.00 for buying and Rs280.35 for selling.
The rupee also recorded gains against several other major currencies. It rose by Rs2.22 against the euro to close at Rs320.47, while it strengthened by Rs2.78 against the British pound to reach Rs371.33.
The local unit also improved against the Swiss franc, Japanese yen and Chinese yuan during the session.
Overall, the rupee has gained Rs4.45 against the US dollar so far in the current fiscal year, reflecting a rise of about 1.59 percent.
