KARACHI:
After a one-day pause, gold and silver prices have risen again in international and local markets.
In the international bullion market, the price of gold per ounce increased by $117 to reach $4,967.
The price of gold per tola also rose by Rs11,700 to Rs519,462, and the price of gold per 10 grams increased by Rs10,030 to Rs445,354.
The price of silver per tola went up by Rs444 to Rs8,269, and the price of silver per 10 grams increased by Rs381 to Rs7,089.
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Earlier on Friday, gold prices witnessed a sharp decline in the local market as the price of 24-karat gold per tola decreased by Rs21,400 to settle at Rs507,762, according to the All Pakistan Sarafa Gems and Jewellers Association.
Likewise, the price of 10 grams of 24-karat gold fell by Rs18,347 to Rs435,324, while the price of 10 grams of 22-karat gold dropped by Rs16,819 to Rs399,061.
The price of silver also recorded a downward trend, with per-tola silver decreasing by Rs1,430 to Rs7,825, whereas the price of 10 grams of silver declined by Rs1,226 to Rs6,708.
In the international market, gold prices fell by $214 to $4,850 per ounce, while silver prices dropped by $14.30 to $73.50 per ounce.
Gold premiums in India more than halved from decadal highs this week as price volatility deterred buyers, while a pullback from record prices lifted demand in China ahead of the Lunar New Year, according to Reuters.
Bullion dealers this week charged a premium of up to $70 per ounce over official domestic gold prices, inclusive of 6% import and 3% sales levies, down from last week’s $153 premium, the highest since December 2013.
