KARACHI: Gold prices in Pakistan fell sharply on Friday, reflecting a decline in international rates. In the local market, the price of gold per tola dropped by Rs2,500, reaching Rs284,700.
The latest data from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) indicated that 10 grams of gold was sold at Rs244,084, marking a decrease of Rs2,144. This decline follows a modest drop on Thursday, when the price per tola fell by Rs700 to settle at Rs287,200. The fluctuations in local gold prices continue to reflect the global market trends.
International Gold Rates
On the international front, gold prices also experienced a downturn on Friday. The APGJSA reported that the global gold rate stood at $2,752 per ounce, with a premium of $20, representing a decline of $25 during the day. This drop in international prices has had a direct impact on the local market.
Silver Prices Adjust
In addition to gold, silver prices also saw a decrease. Silver lost Rs20, settling at Rs3,430 per tola. The precious metal market continues to experience volatility, influenced by global economic conditions and investor sentiment.
Historical Context
Notably, gold prices reached an all-time high of Rs287,900 per tola in Pakistan on Wednesday. However, the recent price decline reflects broader market corrections and shifts in demand.
Market Outlook
As investors keep a close eye on both local and international gold prices, further fluctuations are expected in the coming days. Factors such as global economic data, inflation rates, and geopolitical tensions will continue to influence the gold market.
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