Gold prices in Pakistan saw a significant decline on Friday, tracking the downward trend in global markets.
As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola dropped sharply by Rs. 4,578, bringing it down to Rs. 420,600. Similarly, the rate for 10 grams of gold fell by Rs. 3,924, settling at Rs. 360,597.
This decline follows a day of stability on Thursday, when gold was priced at Rs. 425,178 per tola.
Globally, gold prices also pulled back, with international rates dropping by $44 to reach $3,995 per ounce (including a $20 premium), according to APGJSA data.
In contrast to gold’s performance, silver prices in the local market continued their upward momentum. The price of silver per tola rose by Rs. 34, hitting a record high of Rs. 5,100.
Despite Friday’s dip, gold remains on track for its eighth straight week of gains on the international stage. The metal continues to benefit from global economic and geopolitical concerns, along with increasing speculation that the US Federal Reserve will implement further interest rate cuts.
As of 05:14 GMT, spot gold had dipped by 0.1% to $3,971.43 per ounce, but was still up 2.2% over the week.