Gold price decreases by Rs4,700 per tola in Pakistan

Karachi (Web Desk): Gold prices in Pakistan fell sharply on Wednesday, tracking a decline in international bullion markets.

The price of 24-karat gold in the local market dropped by Rs4,700 per tola, bringing the new rate to Rs430,236, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

Likewise, the price of 10 grams of gold decreased by Rs4,029, settling at Rs368,858.

A day earlier, on Tuesday, the domestic gold market had also witnessed a decline, with the per tola price slipping by Rs2,500 to close at Rs434,963.

On the global front, gold lost $47 per ounce, taking the international rate to $4,078 per ounce, including a premium of $20.

Silver prices also followed the downward trend, with the per tola rate falling by Rs138 to settle at Rs6,421.