Gold prices in Pakistan fell sharply on Friday, mirroring declines in the international market.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola dropped by Rs. 4,578 to settle at Rs. 420,600. The price of 10-gram gold also declined, falling by Rs. 3,924 to Rs. 360,597.
On Thursday, gold prices had remained stable at Rs. 425,178 per tola.
Internationally, gold prices also retreated, with the rate standing at $3,995 per ounce (including a $20 premium), down $44 for the day, as reported by APGJSA.
In contrast, silver prices in the local market continued their upward trend. The price per tola of silver rose by Rs. 34 to reach a new all-time high of Rs. 5,100.
Despite the daily dip, international gold prices remained below $4,000 an ounce on Friday and were on track for an eighth consecutive weekly gain. The precious metal has been supported by ongoing geopolitical and economic uncertainties, as well as growing expectations of further interest rate cuts by the US Federal Reserve.
As of 0514 GMT, spot gold was down 0.1% at $3,971.43 per ounce, but up 2.2% for the week.
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