In Karachi, Pakistan, gold prices have seen a decline, dropping by Rs400 per tola in the domestic market, according to the All Sindh Sarafa Jewellers Association. The cost of gold has decreased by Rs400 per tola to reach Rs214,200, while the rate for 10 grams of gold has dropped by Rs343 to settle at Rs183,642 per tola. Meanwhile, the price of silver has remained unchanged at Rs2,580 per tola. In the international market, the price of gold has seen a decline of $9 to reach $2,003 per ounce.
On a related note, the per tola price of 24 karat gold increased by Rs200 on Saturday, reaching Rs214,600 compared to its previous sale price of Rs214,400. The price of 10 grams of 24 karat gold also increased by Rs172, settling at Rs183,985 from Rs183,813. Additionally, the price of 10 grams of 22 karat gold increased to Rs168,653 from Rs168,496. The prices of per tola and ten-gram silver remained stable at Rs2,580 and Rs2,211.93, respectively. In the international market, the price of gold increased by $7 to $2,012 from $2,005.
However, in the domestic market, the precious metal's price had previously dropped by Rs1,200. The price of 24 karat gold decreased by Rs1,200 to reach Rs211,800 per tola in Pakistan, with the rate for 10 grams of the precious metal also recording a drop of Rs1,029 to settle at Rs181,584. In October, spot gold had a significant 7.3% increase, reaching a more than five-month high of $2,009.29 last week. Reuters technical analyst Wang Tao suggests that gold may fall within a range of $1,951-$1,964 per ounce, following its repeated failures to break a resistance at $2,010. Spot silver declined by 1.5% to $22.56 per ounce, platinum slipped by 0.9% to $925.18, and palladium remained steady at $1,116.19.
