Gold prices witnessed a sharp decline in the local market on Friday, as the price of 24-karat gold per tola decreased by Rs 21,400 to settle at Rs 507,762, according to the All Pakistan Sarafa Gems and Jewellers Association.
Likewise, the price of 10 grams of 24-karat gold fell by Rs 18,347 to Rs 435,324, while the price of 10 grams of 22-karat gold dropped by Rs 16,819 to Rs 399,061.
The price of silver also recorded a downward trend, with per tola silver decreasing by Rs 1,430 to Rs 7,825, whereas the price of 10 grams of silver declined by Rs 1,226 to Rs 6,708. 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. Meanwhile, gold and silver prices recovered part of their early losses on Friday but remained on track for a second consecutive weekly decline, as a global sell-off in technology stocks and a stronger US dollar erased much of the gains recorded earlier in the week.
Spot gold rose 0.4% to $4,790.80 an ounce, though it is still set to post a weekly loss of around 1.4%.
US gold futures for April delivery fell 1.7% to $4,806.50 an ounce.
Spot silver was steady at $71.32 an ounce, after plunging 19.1% in the previous session. Earlier in the day, silver had dropped by about 10% to below $65 an ounce, marking its lowest level in more than six weeks.
Among other precious metals, platinum declined 4.7% in spot trading to $1,892.74 an ounce, after having reached a record high of $2,918.80 on January 26. Palladium, meanwhile, rose 0.8% to $1,628.95 an ounce.
In currency markets, the US dollar hovered near a two-week high and was on track for its strongest weekly
performance since November. The stronger dollar has weighed on precious metals by making dollar-denominated assets more expensive for holders of other currencies.