Gold prices drop Rs4,700 per tola

KARACHI: Gold prices fell by Rs4,700 per tola on Saturday in the local market, tracking a decline in international rates. According to the All Pakistan Sarafa Gems and Jewellers Association, gold prices dropped to Rs301,500 per tola.

Similarly, the price of 10-gram gold decreased by Rs4,030, bringing it down to Rs258,487.

In the international market, gold rates fell by $50, settling at $2,883 per ounce. Local gold prices are typically adjusted with a premium of $20 over international rates.

Silver prices also declined, with rates dropping by Rs87 to Rs3,363 per tola. The price of 10-gram silver decreased by Rs74, reaching Rs2,883.

The decline in gold prices comes after a series of record-breaking highs over recent weeks.

Investors and market stakeholders will continue to closely monitor international developments, which remain crucial in determining the trajectory of gold prices.