Gold Prices in Pakistan Continue to Decrease After Record-Breaking Increase

Gold prices in Pakistan continued their downward trend on Friday, following a decline in the international market. In the local market, the price of gold per tola fell by Rs. 2,000 during the day, settling at Rs. 431,862, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The price of 10 grams of gold also dropped, closing at Rs. 370,252 after a decrease of Rs. 1,714. A day earlier, gold prices had already slipped by Rs. 3,500 per tola, reaching Rs. 433,862 on Thursday. On the global front, gold prices also moved lower. The international rate was reported at $4,095 per ounce (including a $20 premium), marking a $20 loss for the day, as per APGJSA. Silver prices in the local market declined as well, with the per tola rate dropping by Rs. 43 to Rs. 5,067. Internationally, gold prices eased on Friday and were on track for their first weekly drop in ten weeks, pressured by a stronger dollar and cautious trading ahead of a key U.S. inflation report. Spot gold was down 0.2% at $4,118.68 per ounce as of 0315 GMT, with bullion falling 3% so far this week, its biggest weekly percentage drop since mid-May. U.S. gold futures for December delivery slipped 0.3% to $4,133.40 per ounce.