Gold rates in Pakistan dropped by Rs5,100 per tola on Friday, bringing the price of 24-karat gold to Rs420,536, the All Pakistan Gems and Jewellers’ Association said. The price of 10 grams fell by Rs4,373 to Rs360,541.
Rates had been unchanged on Thursday, when 24-karat gold sold for Rs425,636 per tola and Rs364,914 per 10 grams, according to the association.
Local rates follow a weaker international gold market
The domestic decline came as gold lost ground abroad. An international news agency reported that spot gold fell about one per cent on Friday to around $3,980 per ounce, its lowest level since July 17.
Also read: Pakistan gold rate drops as stronger dollar weighs on bullion · Pakistan gold rate drops to five-month low on Saturday
Stronger-than-expected US economic growth and accelerating inflation raised expectations that the Federal Reserve could raise interest rates in December. Higher rates generally make non-yielding assets such as gold less attractive to investors.
What drives gold prices in Pakistan
Local prices are influenced by international bullion rates, movements in the rupee-dollar exchange rate and domestic market conditions.
