24-karat gold price drops by Rs1,100 per tola in Pakistan

Gold rates in Pakistan continued their downward trend on the fourth trading day of the week after rebounding slightly in the previous session.

The latest rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) on Thursday revealed a decline of Rs1,100 per tola in the price of 24-karat gold.

The association said that the gold rate in the local market was recorded at Rs274,400 per tola following the latest drop.

This drop comes after the precious metal’s price rose by Rs600 per tola to Rs275,500 per tola on Wednesday.

Interestingly, the latest gold price is just about Rs2,600 lower than the all-time high price of Rs277,000 per tola seen last week.

Some non-investors are viewing this as an ideal time to sell gold, while a number of experts think that the gold price will go further up.

In the global market, bullion rates were seen in a narrow range. Spot gold was quoted at $2,655.03 per ounce around 03:33 GMT. The last record-high rate was reported on September 26, with spot gold quoted at $2,685.42.