Gold and silver prices fall in Pakistan and international markets

Gold and silver prices declined in Pakistan and on international markets on Saturday, with the local per-tola gold rate falling Rs4,300 to Rs436,336, according to rates released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). In the international bullion market, gold fell by $43 per ounce to $4,138.

The association put the 10-gram local gold rate at Rs374,087, down Rs3,687 from the previous day. Silver also retreated: the APGJSA rate fell Rs56 per tola to Rs6,522, while 10-gram silver dropped Rs48 to Rs5,591.

Saturday's declines follow a week of sharp swings in the domestic market. Gold added Rs2,000 per tola on Friday to Rs440,636, having shed Rs3,000 per tola on Thursday to Rs438,636. On Wednesday it rose Rs4,300 to Rs441,636, after easing Rs800 to Rs437,336 on Tuesday and Rs12,800 to Rs438,136 on Monday, a slide the association's figures showed tracking a steep fall in international prices.

Silver moved in the same direction. It gained Rs50 per tola on Friday to Rs6,578 and Rs20 on Wednesday, having fallen Rs20 on Tuesday to Rs6,558 and Rs325 on Monday to Rs6,578.