Gold price falls in Pakistan, hovers around Rs450,000 per tola
The latest decline has brought some relief to buyers after a sharp increase the previous day.
New gold rates announced
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of one tola of gold has fallen to Rs453,436. The price of 10 grams of gold has also dropped by Rs3,257 to Rs388,749.
Global market also sees decline
Gold prices have also declined in the international market. The price of gold fell by $38 per ounce to $4,309.
Price had risen sharply
The latest fall came a day after gold became Rs7,900 more expensive per tola. The price had reached Rs457,236 before the latest decline was recorded.
Gold prices continue to show sharp daily movements in both local and international markets. The latest fall follows a strong increase a day earlier, showing how quickly gold rates can change.
Local prices are affected by movements in the international gold market and other market factors. Buyers and investors may therefore see further changes in gold rates as global prices move.
Also read: FBR admits IRIS portal problems as tax return deadline nears
Also read: Market closing time changed as shops and malls to shut at 9pm