Gold prices in Pakistan fell 5th day in a row on Saturday, taking the total drop in the past five sessions to Rs. 17,000 per tola.
The price of 24-karat gold went down by Rs. 2,500 to Rs. 422,036 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 fell by Rs. 2,144 to Rs. 361,827, while 10 grams of 22-karat gold dropped by Rs. 1,966 to Rs. 331,686.
5 Straight Days of Losses
The losing streak started on Tuesday, when gold dropped by Rs. 3,600 per tola. It slipped another Rs. 900 the next day and Rs. 3,000 on Thursday.
The biggest fall came on Friday, when the price per tola crashed by Rs. 7,000 to Rs. 424,536.
Saturday’s decline added to the discount.
Gold was trading at Rs. 439,036 per tola before the slide began. It is now about Rs. 20,000 below its monthly peak of Rs. 442,036, recorded on October 10.
Last week, gold prices started closing below key levels in the local market.
International Prices Below $4,000
The local market followed the global trend. The international price of gold fell by $25 to $3,995 per ounce.
Silver prices also eased. Silver per tola dropped by Rs. 7 to Rs. 5,858, while 10 grams of silver fell by Rs. 6 to Rs. 5,022.
The latest slide has wiped out the gains gold made in the first half of October, when it briefly crossed Rs. 442,000 per tola.
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