The gold price in Pakistan declined sharply on Friday, falling by Rs5,600 per tola amid a drop in international gold prices. According to rates released by the All-Pakistan Gems and Jewellers Sarafa Association, gold settled at Rs456,736 per tola.
The price of 10-gram gold also decreased during the day. It fell by Rs4,801 to reach Rs391,577, according to the latest rates shared by the All-Pakistan Gems and Jewellers Sarafa Association.
The decline in local prices followed a fall in the international gold market. The international rate of gold decreased by $56 earlier on Friday, reaching $4,342 per ounce as global market prices came under pressure.
The gold price in Pakistan had also declined on Thursday, when the price of one tola fell by Rs600. Gold had reached Rs462,336 per tola at the end of Thursday’s trading session.
The latest movement represents a notable change in local gold prices after the metal had been trading at elevated levels. The domestic market continued to reflect the direction of international gold prices during Friday’s session.
Silver prices also moved lower in the local market on Friday. The price of silver decreased by Rs253 per tola, bringing it down to Rs6,871 per tola, according to the reported market rates.
The gold price in Pakistan now stands at Rs456,736 per tola following Friday’s decline. The latest reduction came alongside a $56 fall in international gold prices, which reached $4,342 per ounce during the day.
