ISLAMABAD: Gold prices in Pakistan witnessed a significant drop on Friday, retreating from the record surge witnessed the day before as the local market responded to a downward shift in international gold rates.
According to data released by the All Pakistan Bullion Gems and Jewellers Association, the price of gold per tola fell by Rs 2,700, bringing the new rate to Rs 494,062. The decline effectively countered a portion of the massive Rs 7,800 surge recorded during the previous session.
A similar trend was observed for 10 grams of gold, which saw a price reduction of Rs 2,315 to settle at Rs 423,578. Market analysts attributed this domestic drop primarily to a softening global market, where the commodity fell by $27 to reach $4,717 per ounce.
However, the downward trend did not extend to the silver market. Defying the movement seen in gold, silver prices continued their upward trajectory, with the price per tola increasing by Rs 80 to reach Rs 8,525.
Economic experts noted that the local bullion market remains highly sensitive to international price volatility and fluctuations in the value of the currency, with today’s decline providing a reprieve for buyers following yesterday’s unprecedented hike.
