Gold prices register decrease in Pakistan

KARACHI: The gold prices declined in Pakistan, witnessing a drop of Rs400 per told in the domestic market, ARY News reported on Monday.

According to the All Sindh Sarafa Jewellers Association, the gold prices registered a decrease of Rs400 per tola to Rs214,200.

The rate of the 10-gram yellow metal was dropped by Rs343 to settle at 183,642 per tola in Pakistan.

The price of silver remained unchanged at Rs2,580 per tola.

In the international market, the gold rate saw a decline of $9 to $2003 per ounce.

On Saturday, the per tola price of 24 karat gold increased by Rs.200 and was sold at Rs.214,600 compared to its sale at Rs.214,400 on the last trading day.

The price of 10 grams of 24 karat gold also increased by Rs.172 to Rs.183,985 from Rs.183,813 whereas the price of 10 gram 22 karat gold went up to Rs.168,653 from Rs168,496.

The price of per tola and ten-gram silver remained stagnant at Rs.2,580 and 2,211.93 respectively. The price of gold in the international market increased by $7 to $2,012 from $2,005.

However, the price of the precious metal had witnessed a drop of Rs1,200 in the domestic market.

The price of the precious yellow metal of 24 karat dropped by Rs1,200 to settle at Rs211,800 per tola in Pakistan, the association said.

Likewise, the rate of 10 grams of the precious metal also recorded a drop of Rs1,029 to settle at Rs181,584.

Spot gold posted a 7.3% jump in October, with prices hitting an over five-month high of $2,009.29 last week.

Gold may fall into a range of $1,951-$1,964 per ounce, following its repeated failures to break a resistance at $2,010, according to Reuters technical analyst Wang Tao.

Spot silver dropped 1.5% to $22.56 per ounce, platinum slipped 0.9% to $925.18, while palladium was steady at $1,116.19.