KARACHI: Gold prices declined in local bullion markets on Friday after prices fell in the international bullion market. The price of gold in the international bullion market decreased by $14 per ounce to $4,453, resulting in a decline in domestic prices.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold fell by Rs1,469 per tola to Rs467,816, while the price of 10 grams of gold decreased by Rs1,323 to Rs401,012.
Similarly, the international price of silver fell by 66 cents per ounce to $72.52. Following the decline in global prices, the price of silver in local markets also decreased. The price of silver fell by Rs67 per tola to Rs7,730, while the price of 10 grams of silver declined by Rs61 to Rs6,623.
Previous day's recovery
On Thursday, gold prices in Pakistan rose, tracking gains in the international bullion market, where prices advanced more than 1% amid weakening dollar sentiment and easing geopolitical tensions in the Middle East. According to the APGJSA, the price of gold per tola increased by Rs1,523 to settle at Rs469,285. Similarly, the price of 10-gram gold rose by Rs1,305 to reach Rs402,335.
Volatility in global markets
On Wednesday, gold had recorded a sharp decline of Rs8,600 per tola, reflecting heightened volatility in global markets driven by shifting geopolitical and macroeconomic expectations. In the international market, spot gold gained around 1% to $4,476.85 per ounce as of 1:41 pm EDT, while US gold futures for August delivery closed 0.9% higher at $4,505 per ounce, as per Reuters. Market sentiment was influenced by reports of a potential ceasefire arrangement involving Israel and Lebanon, which eased immediate geopolitical risk premiums.
The recent fluctuations highlight the sensitivity of gold prices to global events, with investors closely watching developments in the Middle East and US economic indicators. Analysts suggest that further movements in gold prices will depend on the evolution of geopolitical tensions and monetary policy signals from major central banks.
