Gold extends losses

KARACHI: Gold continued a downtrend for a 5th straight session, dropping by Rs3,300 per tola on Thursday in the local market.

According to All Sindh Saraf Jewellers Association, gold rates in the local market moved down to Rs194,700 per tola. Similarly, 10-gram gold price also decreased by Rs2,829 to Rs166,924. In the international market, however, gold rates increased by $2 to $1,882 per ounce.

Silver rates decreased by Rs40 to Rs2,130 per tola. The price of 10-gram silver also decreased by Rs34.29 to Rs1,826.13. Local jewellers said gold prices in the local market remained lower by Rs2,000 per tola compared with the gold rates in the Dubai gold market.

In last five sessions, gold prices have fallen by Rs13,800 per tola in Pakistan.