Gold Price Drops Rs500 Per Tola in Pakistan, Silver Rises
KARACHI, PAKISTAN — WEB DESK: Gold prices declined in Pakistan on Saturday, August 15, following a modest drop in the international bullion market, while silver moved in the opposite direction and recorded gains in the domestic market.
The price of 24-karat gold fell by Rs500 per tola, bringing the new rate to Rs459,936 per tola in local bullion markets.
The price of 10 grams of 24-karat gold also declined by Rs429, settling at Rs394,320, according to rates reported from the local bullion market.
International gold falls $5 per ounce
The decline in Pakistan followed downward movement in the international bullion market.
Gold lost $5 per ounce in international trading on Saturday, bringing its reported price to $4,375 per ounce.
Changes in international bullion prices are an important influence on Pakistan’s domestic gold market, alongside movements in the rupee-dollar exchange rate and local market conditions.
The latest decline came on the final trading day of the week and offered modest relief to domestic buyers after gold remained at historically elevated levels.
Silver prices rise in Pakistan
While gold moved lower, silver prices increased in the local market.
The price of silver rose by Rs13 per tola to Rs6,949, while the price of 10 grams increased by Rs11 to Rs5,957.
The contrasting moves meant gold became slightly cheaper for Pakistani buyers while silver strengthened during Saturday’s trading.
Gold and silver rates on August 15
Based on the latest reported market rates, 24-karat gold stood at Rs459,936 per tola and Rs394,320 per 10 grams.
Silver was quoted at Rs6,949 per tola and Rs5,957 per 10 grams.
International gold, meanwhile, was reported at $4,375 per ounce, down $5 from the previous level.
Precious-metal prices in Pakistan can fluctuate during trading as international bullion rates, currency movements and domestic demand change.
Investors and jewellery buyers therefore closely monitor both international gold movements and the Pakistani rupee when assessing local precious-metal prices.
