Gold prices in Pakistan recorded a sharp decline on Friday, extending losses for a second consecutive trading session as international bullion markets remained under pressure.
Price Drop Details
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola dropped by Rs14,900, bringing the rate down to Rs438,036. The price of 10 grams of 24-karat gold also witnessed a substantial decrease, falling by Rs13,410 to settle at Rs374,205.
Silver Prices Follow Suit
Silver prices followed the downward trend in the domestic market. The rate of 24-karat silver per tola declined by Rs413, reaching Rs6,946. The decline was mirrored in global markets, where gold prices fell by $149 per ounce to $4,156 per ounce, reflecting reduced demand and broader weakness in international bullion trading.
Market Analysis
Bullion traders noted that local gold prices have now dropped by a cumulative Rs17,200 per tola over the last two trading sessions, highlighting the strong influence of international market movements on domestic precious metal rates. Market observers said fluctuations in global economic conditions, investor sentiment, and international commodity trends continue to shape gold and silver prices, resulting in heightened volatility in bullion markets worldwide.
