Gold prices in Pakistan continued to fall on Friday, reflecting the downward movement in the international market.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola in the local market dropped by Rs2,000, settling at Rs431,862.
The rate for 10 grams of gold also declined by Rs1,714, closing at Rs370,252. On Thursday, gold prices had already fallen by Rs3,500 per tola, reaching Rs433,862.
Globally, gold prices also moved lower. As per APGJSA, the international rate was recorded at $4,095 per ounce, including a $20 premium, marking a $20 decrease for the day. Silver prices in the local market also dipped, with the per tola rate falling by Rs43 to Rs5,067.
On the international front, gold prices eased further on Friday and were headed for their first weekly decline in ten weeks. The drop was attributed to a stronger dollar and cautious trading ahead of a key U.S. inflation report.
By 0315 GMT, spot gold was down 0.2 percent at $4,118.68 per ounce, while bullion recorded a 3 percent decline for the week, its steepest weekly fall since mid-May. U.S. gold futures for December delivery also slipped 0.3 percent to $4,133.40 per ounce.