Gold prices in Pakistan fell on Tuesday, wiping out most of Monday’s gain as the metal also lost ground in the international market.
The price of 24-karat gold dropped by Rs. 1,300 to Rs. 422,136 per tola, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The price of 10 grams of 24-karat gold also declined by Rs. 1,115 to Rs. 361,913, down from Rs. 363,028 on Monday.
One-Day Rebound Fades
Tuesday’s fall came a day after gold rose by Rs. 1,400 to Rs. 423,436 per tola, ending a five-day losing streak.
That streak included a single-day crash of Rs. 7,000 per tola last Friday.
Before that slide began last week, gold was trading at Rs. 439,036 per tola. With today’s drop, the local price is now Rs. 16,900 below that level.
Gold is also about Rs. 19,900 below its monthly peak of Rs. 442,036 per tola, recorded on October 10.
Global Gold Slips Below $4,000
The local decline followed the international trend.
The global price of gold fell by $13 to $3,996 per ounce, slipping back below the $4,000 mark it had crossed on Monday.
Silver prices also moved lower. The price of silver per tola decreased by Rs. 85 to Rs. 5,793, after closing at Rs. 5,878 on Monday.
The local market has now posted losses in six of the last seven sessions, with Monday’s increase being the only gain during that period.
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