KARACHI – Gold’s brief rally lost some shine. After jumping Rs4,200 a day earlier, the precious metal reversed course on Thursday, with the per-tola price falling Rs3,500 to Rs460,436 as global bullion rates came under pressure.
On August 13, Rs4,200 per-tola jump day earlier, as weakness in the international bullion market put pressure on domestic rates. The price of 24-karat gold declined by Rs3,500 per tola, settling at Rs460,436. The decline was also reflected in the 10-gram rate, which dropped Rs3,001 to Rs394,749.
The domestic decline came as international gold prices weakened. The global bullion rate fell $35 to $4,380 per ounce, with a $20 premium factored into the quoted rate.
The movement in international prices continues to have a direct impact on Pakistan’s local bullion market, where domestic gold rates are closely linked to global trends. Silver also recorded a decline on Thursday. Its price decreased by Rs175 per tola, bringing the local rate to Rs6,936.
