Gold prices in Pakistan fell sharply on Friday, a day after touching record highs, easing pressure on buyers amid heightened volatility in the bullion market. The decline affects consumers, jewellers, and investors as prices retreat closer to the Rs. 5 lakh per tola level following a steep single-day correction.
According to rates released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola dropped by Rs. 35,500 to settle at Rs. 537,362 in the local market. The price of 10 grams of gold also fell by Rs. 30,435 to Rs. 460,701.
Sharp reversal after record surge
The pullback came after gold surged to an all-time high of Rs. 572,862 per tola on Thursday, following a single-session increase of Rs. 21,200. The rapid swings reflect ongoing uncertainty in both domestic and global bullion markets.
Gold prices slip in Pakistan as 24K falls to Rs. 530,562 per tola
Silver prices also moved lower, tracking gold’s decline. The price of silver per tola fell by Rs. 1,106 to Rs. 11,069 in Pakistan’s local market.
Global pressure weighs on bullion
Internationally, gold prices came under pressure as well. The global rate fell by $355 to $5,150 per ounce, including a premium of $20. Spot gold was down 3.9 percent at $5,183.21 per ounce as of 0323 GMT, after sliding as much as 5 percent earlier in the session. US gold futures for February delivery declined 2.7 percent to $5,176.40 per ounce.
Global bullion prices dropped more than 4 percent amid reports that the US Federal Reserve could adopt a more hawkish stance, prompting profit-taking after a strong rally.
Despite Friday’s decline, gold remains on track for its strongest monthly gain since 1980. Prices have risen more than 20 percent so far in January, marking a sixth consecutive monthly increase, as investors continue to seek safe-haven assets amid ongoing geopolitical and economic uncertainty.
Today's E-Paper