KARACHI (The Thursday Times) — Gold prices in Pakistan fell by Rs10,900 per tola on Thursday to Rs416,536, tracking a sharp drop in the international market, according to rates issued by the All Pakistan Sarafa Gems and Jewellers Association.
The price of 10 grams fell by Rs9,345 to Rs357,112. In the international market, gold lost $109 to $3,940 an ounce, the association said.
Two days of losses
The fall came a day after gold dropped Rs3,400 to Rs427,436 per tola on Wednesday. Over the two days the price of a tola has fallen by Rs14,300.
Local prices follow the international rate, adjusted for the exchange rate and a premium set by the trade. Moves in the US dollar, interest-rate expectations, and demand for safe-haven assets drive the world price.
Jewellers charge their own making fees on top of the published rate, so prices in shops can differ from the association’s figures.
