Gold prices dropped sharply on Friday, with the local rate falling Rs14,900 to Rs438,036 per tola after a steep decline in the international bullion market. Silver prices also registered losses.
ISLAMABAD: Gold prices posted a steep decline in both international and domestic markets on Friday, with the local rate dropping below Rs440,000 per tola, according to figures released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
In the international bullion market, gold fell by $149 per ounce to $4,156. Reflecting that move, the price of gold in Pakistan declined by Rs14,900 per tola to Rs438,036. The rate for 10 grams of gold also dropped by Rs13,410 to Rs374,205.
Silver prices also moved lower. The price of silver per tola fell by Rs413 to Rs6,946, while the rate for 10 grams declined by Rs373 to Rs5,895.
Recent market movement
The latest drop follows a decline recorded a day earlier. On Thursday, gold prices in Pakistan fell after weakness in global bullion rates. In the international market, gold shed $23 per ounce to settle at $4,305, while silver fell by $1.44 to $68.80 per ounce.
According to the APGJSA, the local gold price on Thursday was down by Rs2,300 per tola to Rs452,936, while the rate for 10 grams decreased by Rs2,070 to Rs387,615. Silver in the local market also registered losses, falling by Rs144 per tola to Rs7,359 and by Rs123 per 10 grams to Rs6,268.
Before that, gold prices had edged higher on Wednesday in line with gains in the international market. The domestic price of gold per tola rose by Rs100 to Rs455,236, while 10 grams increased by Rs85 to Rs389,685, according to APGJSA rates.
Earlier week trend
On Tuesday, the association did not issue gold and silver prices after announcing a protest over alleged raids on jewellery shops.
Earlier in the week, on Monday, the price of gold per tola had climbed to Rs455,136 after an increase of Rs10,800. In the international market that day, gold was up by $1 to $4,328 per ounce. Silver, however, declined by Rs6 to Rs7,503 per tola.
The latest figures show a sharp reversal over the course of the week, with Friday’s decline taking gold well below the levels seen at the start of the week in the local market.
