Gold Price Drops Rs800 per Tola in Pakistan, Silver Also Falls
KARACHI, PAKISTAN — WEB DESK: Gold prices extended their decline in Pakistan on Tuesday, September 29, with the precious metal losing another Rs800 per tola, while silver prices also moved lower amid continued weakness in bullion markets.
According to the latest local market rates reported by Express Urdu, the price of 24-karat gold fell by Rs800 to Rs437,336 per tola. The price of 10 grams of gold declined by Rs686 to Rs374,945.
Silver also registered losses in the domestic market. The price of silver decreased by Rs20 to Rs6,558 per tola, while the 10-gram rate fell by Rs17 to Rs5,622.
The latest decline follows a much steeper fall in the previous session. Gold had dropped Rs12,800 per tola to Rs438,136 on Monday, while the 10-gram price had fallen Rs10,973 to Rs375,631, according to rates attributed to the All-Pakistan Gems and Jewellers Sarafa Association. Silver had also fallen by Rs325 to Rs6,578 per tola. The
That means gold has fallen by Rs13,600 per tola across the latest two reported sessions, from Rs450,936 before Monday’s sharp sell-off to Tuesday’s Rs437,336 level.
International bullion prices also remained under pressure. Express reported an $8 decline to $4,148 per ounce in the international gold market during Tuesday’s local pricing session.
Global spot-market prices subsequently showed some recovery. Reuters reported spot gold rising around 0.6% to $4,140.10 an ounce after touching $4,110.55, its lowest level in more than seven weeks. The international market had suffered a sharp decline on Monday as higher crude prices and rising expectations for additional US interest-rate increases weighed on non-yielding gold.
Investors are now watching upcoming US economic indicators and Federal Reserve commentary for clues about the direction of monetary policy. Higher interest rates and bond yields can reduce gold’s appeal because the metal does not generate interest income.
Silver was also weaker internationally, with Reuters reporting a 0.5% decline to $60.66 an ounce during Tuesday’s global trading.
The sharp two-session fall represents significant relief from recent elevated domestic bullion prices, although gold remains highly sensitive to movements in international prices, US monetary-policy expectations and the rupee-dollar exchange rate.
