Gold prices in Pakistan saw a major decline on Friday, tracking global market trends. The price per tola dropped by Rs4,578, settling at Rs420,600, according to data from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Similarly, 10-gram gold fell by Rs3,924, now priced at Rs360,597.
On the global front, gold also saw a decline. The international price stood at $3,995 per ounce (with a $20 premium), marking a drop of $44. Spot gold hovered below $4,000 per ounce, but remained up 2.2% for the week, supported by geopolitical tensions and hopes of US rate cuts.
Read more: Gold price increases by Rs 5,400 per tola
Despite the fall in gold, silver prices in Pakistan hit an all-time high. The rate rose by Rs34 per tola, reaching Rs5,100, driven by increased demand and international market strength. Globally, silver rose 0.9% to $49.55 per ounce, though it eased slightly from its record high of $51.22 reached a day earlier.
The decline in gold prices comes after several stable sessions, including Thursday when gold held firm at Rs425,178 per tola. Market analysts attribute the recent movement to volatile global conditions, including economic uncertainty and ongoing conflicts in several regions.
Read more: Gold Breaks $4,000 Mark Amid Economic Turmoil
Traders are now watching the next move from the US Federal Reserve, as expectations of rate cuts could further influence bullion prices. For now, investors remain cautious, keeping a close eye on both domestic trends and the international gold market outlook.