KARACHI: Gold prices on Wednesday posted another sizeable decline on the local market, traders said. The prices fell by Rs 750 to Rs 208,450 per tola and Rs 643 to Rs 178,712 per 10 grams. Silver prices remained unchanged for Rs 2,550 per tola and Rs 2,186.21 per 10 grams.

On the world market, gold prices stood for $ 1,970 per ounce with a $ 20 premium on the local trade, raising the yellow metal value to $ 2,000 an ounce.

All Pakistan Gems and Jewelers Association has added a premium slab of $ 20 on the global gold rates for the local bullion trade. Silver was quoted for $ 22.94 per ounce.

Independently traders confirmed that gold prices on the local market are much higher than those quoted by the association, ranging up to Rs 213,000 a tola.

“If the association provides us gold at prices it fixes will be a much better deal for us,” a trader said.

The association’s spokesman, Abdullah Razaq also confirmed that gold rates on the open market are higher by Rs 8,000 to Rs 10,000.

Copyright Business Recorder, 2023