Gold prices in Pakistan experienced a notable decline on Friday, with the price per tola dropping by Rs14,900 in the domestic bullion market. This downturn closely followed trends in the international gold market, which has been under pressure recently, alongside a strengthening Pakistani rupee against the US dollar.
As a result of this fall, the cost of one tola (equivalent to 11.66 grams) of 24-karat gold decreased to Rs438,036 from its previous closing value. Similarly, the All Pakistan Gems and Jewellers Association (APGJA) reported that the price of 10 grams of 24-karat gold also declined by Rs13,410, settling at Rs374,205.
Market analysts attributed the drop in gold prices to a combination of factors. The global bullion market has softened due to various international economic conditions, reducing the appeal of gold as a safe-haven asset. Meanwhile, the Pakistani rupee’s relative stability against the US dollar further diminished local demand for gold, as investors often turn to precious metals during times of currency volatility.
In contrast to gold, silver prices in the local market remained relatively steady, with only minor fluctuations observed throughout the trading session. Traders noted that silver did not experience the same level of volatility, reflecting differing market dynamics for the two precious metals.
