Gold prices in Pakistan took a sharp dip on Friday after a recent upward surge in the market. In the international bullion market, the price of gold declined by $23 per ounce, bringing it down to $2,930.
This drop was reflected in local markets as well, where the price of 24-carat gold per tola fell by Rs. 2,000, settling at Rs. 307,000. Similarly, the price for 10 grams of gold decreased by Rs. 1,714, bringing it to Rs. 263,203.
Silver prices also witnessed a decline, with the cost per tola dropping by Rs. 38 to Rs. 3,430, while the price for 10 grams of silver decreased by Rs. 33 to Rs. 2,940.
Just a day earlier, gold prices in Pakistan had been on an upward trend, reaching record levels due to rising global rates.
On Thursday, the price of gold per tola increased by Rs. 1,000, hitting an all-time high of Rs. 309,000.
Likewise, the price of 10-gram gold rose by Rs. 857, reaching Rs. 264,917, as reported by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA).
This surge followed a significant Rs. 3,800 increase per tola on Wednesday, which had already driven prices to unprecedented levels.
On the international front, gold prices had climbed by $9 to $2,953 per ounce, including a $20 premium, according to APSGJA.
Market analysts attributed the upward trend to multiple factors, including a weakening US dollar.
The increased use of alternative currencies, such as the Chinese yuan in oil trade, along with ongoing trade tensions involving the US, contributed to gold’s appeal as a safeguard against currency devaluation.
