Gold prices declined in both international and local markets on Friday, while silver prices registered an increase in Pakistan.
According to market data, the price of gold in the international market dropped by $34 per ounce, bringing it down to $5,110 per ounce.
Following the global trend, gold prices also fell in the local market of Pakistan. The price of one tola of gold decreased by Rs3,400, settling at Rs533,762.
Similarly, the price of 10 grams of gold declined by Rs2,915, reaching Rs457,614.
In contrast, silver prices moved upward in the domestic market. The price of silver per tola increased by Rs104, reaching Rs8,914, while the price of 10 grams of silver rose by Rs89 to Rs7,642.
Meanwhile, spot gold in global markets was recorded at $5,117.27 per ounce as of 0650 GMT, reflecting a 0.8% increase during intraday trading. Despite the slight rebound, gold has lost around 3% during the week, putting it on track to end a four-week winning streak.
Market analysts attribute the recent decline in gold prices to fading expectations of interest rate cuts as well as rising inflation concerns, particularly amid increasing global energy costs linked to ongoing geopolitical tensions.
