Gold prices in Pakistan dropped sharply on Friday following the decline in the international market. The latest drop follows global economic volatility and shifting investor sentiment that continues to affect gold trading globally.
As reported by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the rate of gold per tola fell by Rs. 4,578, coming to Rs. 420,600. Likewise, 10-gram gold fell by Rs. 3,924, coming to Rs. 360,597 in the domestic market.
On Thursday, one day prior, gold prices in Pakistan were also flat at Rs. 425,178 per tola with no significant fluctuations prior to Friday’s decline.
International Gold Market Update
Worldwide, gold prices dipped as well, to $3,995 per ounce with a $20 premium, APGJSA reports. The rate saw a day-on-day fall of $44, driven by shifting global patterns and investor perception.
In spite of the decline, global gold prices remained below $4,000 an ounce but were set for an eighth week in a row in the black. The metal is being underpinned by geopolitical tensions, economic uncertainty, and anticipation of cuts in US Federal Reserve interest rates by analysts.
Spot gold stood at 0.1% less at $3,971.43 an ounce at 0514 GMT, but was still up by 2.2% on the week, reflecting persistent investor optimism.
Silver Prices Reach All-Time High in Pakistan
Whereas prices of gold went down, prices of silver in Pakistan were on the rise. The price of silver per tola increased by Rs. 34 and reached an all-time high of Rs. 5,100.
This steady increase indicates high demand for silver in the domestic market, in contrast with the short-term fall in the prices of gold.
Market Outlook
Experts believe that the ongoing fluctuations in gold and silver prices are closely linked to global economic trends, US dollar strength, and interest rate changes. Despite short-term volatility, gold is expected to remain a safe-haven asset for investors during uncertain times.
Pingback: Pakistan Does Not Recognize or Promote Cryptocurrency, Says Federal Minister - WONDERISTAN