Gold prices witnessed a sharp decline in Pakistan on Friday, with the price of the precious metal dropping significantly in the local bullion market despite a slight increase in international rates.
According to the All Pakistan Gems and Jewellers Association, the price of gold fell by Rs7,100 per tola, bringing the new rate to Rs533,262 per tola in domestic markets.
Gold Prices in Local Market
The decline was also reflected in the price of gold measured in grams.
- 10 grams of gold dropped by Rs6,087, settling at Rs457,186.
The decrease in local gold prices comes amid fluctuations in global bullion markets and changing currency conditions in Pakistan.
International Gold Market
In the international bullion market, however, gold prices showed a slight increase.
Gold rose by 0.3 percent, reaching $5,095.55 per ounce at around 0633 GMT. Meanwhile, U.S. gold futures for April delivery were marginally down by 0.1 percent, trading at $5,100.20 per ounce.
Silver and Other Precious Metals
Other precious metals also experienced declines in global markets.
- Silver spot prices dropped by 1 percent, settling at $82.91 per ounce.
- Platinum prices also declined by 1 percent, reaching $2,111.45 per ounce.
- Palladium recorded a similar 1 percent drop, trading at $1,603 per ounce.
In Pakistan’s local market, silver prices also fell noticeably.
- Silver per tola decreased by Rs324, settling at Rs8,851.
- Silver per 10 grams dropped by Rs278, reaching Rs7,588.
Market analysts say fluctuations in global bullion prices, currency movements, and changing investor sentiment continue to influence the daily pricing trends of gold and silver in Pakistan’s local markets.
