Precious metal rates dropped across Pakistan on Tuesday, reversing nearly all of Monday's recovery as values decreased globally. Data released by the All-Pakistan Gems and Jewellers Sarafa Association shows that 24-karat gold fell by Rs. 1,300, bringing the rate to Rs. 422,136 per tola. Meanwhile, 10 grams of 24-karat gold dropped by Rs. 1,115 to settle at Rs. 361,913, falling from Monday's level of Rs. 363,028.
One-Day Rebound Fades
Tuesday's decrease followed a single-day increase of Rs. 1,400 to Rs. 423,436 per tola on Monday, which had temporarily stopped a five-day slide. That previous losing period featured a sharp single-day drop of Rs. 7,000 per tola last Friday. Prior to last week's downturn, the metal traded at Rs. 439,036 per tola, leaving the current local rate Rs. 16,900 below that figure. Furthermore, the rate sits about Rs. 19,900 under the monthly high of Rs. 442,036 per tola reached on October 10.
Global Gold Slips Below $4,000
Domestic rates moved downward in response to international market movements. Worldwide gold dropped by $13 to settle at $3,996 per ounce, dropping back under the $4,000 threshold achieved on Monday. Silver values also declined, as per tola rates for silver dropped by Rs. 85 to Rs. 5,793, down from Monday's close of Rs. 5,878. Overall, the domestic market has recorded decreases in six out of the past seven sessions, with Monday marking the sole upward movement in that timeframe.
