Gold extended losses for the second session on Saturday as the yellow metal witnessed a fall of Rs900 per tola in the local market.

Gold price per tola was set at Rs220,000, while the 10-gram gold was sold at Rs188,615 after a decrease of Rs771, according to rates shared by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Friday, gold rates in Pakistan had decreased by Rs1,900 per tola.

The decline in gold rates in the local market is in line with the ease in the international rate of the yellow metal.

With a premium of $20, the international rate of gold on Saturday was set at $2,082 per ounce, after a decline of $8 in the international market, APGJSA said.

Meanwhile, silver rates remained stable at Rs2,680 per tola.

In 2023, gold prices in Pakistan advanced nearly 20% as the price per tola was around Rs184,000 by the end of 2022.

The highest per tola rate of gold in 2023 was recorded on September 2 at Rs242,700, while the lowest in the year stood at Rs188,400 per tola on October 4, as per APGJSA data.