KARACHI (The Thursday Times) — Gold prices in Pakistan fell by Rs4,900 per tola on Friday to Rs411,636, the third fall in as many days, as the international price kept sliding, according to rates reported in the local market.
The price of 10 grams fell by Rs4,201 to Rs352,911. In the international market, gold lost $49 to $3,891 an ounce. Silver fell by Rs111 to Rs5,467 per tola.
Three days of losses
The drop follows a fall of Rs10,900 to Rs416,536 on Thursday and a fall of Rs3,400 on Wednesday. Over the three days, the price of a tola has come down by Rs19,200, from Rs430,836 on Tuesday.
Market reports put the slide down to a stronger US dollar, rising bond yields, and expectations of further interest-rate rises by the US Federal Reserve. Thursday’s sell-off took the metal to its lowest level in more than a year, and it was heading for a weekly loss of nearly 4%.
Local prices follow the international rate, adjusted for the exchange rate and a premium set by the trade. Jewellers charge their own making fees on top of the published rate, so prices in shops can differ from the market figures.
