KARACHI (The Thursday Times) — Gold fell by Rs700 per tola in Pakistan on Saturday to Rs410,936, extending a slide that began earlier in the week, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association.
The price of 10 grams fell by Rs600 to Rs352,311, the association said. In the international market, gold lost $7 to $3,884 an ounce. Silver fell by Rs124 to Rs5,343 per tola.
A week of losses
Saturday’s fall was much smaller than those earlier in the week. Gold dropped by Rs3,400 on Wednesday, by Rs10,900 on Thursday, and by Rs4,900 on Friday, when it closed at Rs411,636 a tola.
Taken together, the four falls have cut Rs19,900 from the price of a tola since Tuesday’s close of Rs430,836.
The smaller fall tracked the international market, where gold lost $7 an ounce on Saturday after a $49 drop on Friday. The local stock market had a stronger week, with the KSE-100 gaining 3,987 points.
Local prices follow the international rate, adjusted for the rupee’s 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.
