Gold prices recorded a significant decline in Pakistan on Friday, with the price of one tola falling by Rs5,600 in the local bullion markets.
According to the All Pakistan Sarafa Association, the price of one tola of gold dropped to Rs456,736, while the price of 10 grams decreased by Rs4,801 to Rs391,577.
Silver prices also declined in the domestic market. The price of one tola of silver fell by Rs253 to Rs6,871, in line with movements in the international bullion market.
Meanwhile, gold prices also recorded a sharp decline in the international market. The price of gold fell by $56 per ounce, bringing the new international rate to around $4,342 per ounce.
The latest drop in international gold prices directly influenced domestic bullion rates, leading to a notable reduction in gold prices for Pakistani buyers.
Also Read, Gold prices plunge by more than Rs15,000 per tola in Pakistan
Earlier, Gold prices in Pakistan recorded a sharp decline on Saturday, tracking a steep fall in the international market as investors reacted to growing expectations that the US Federal Reserve could raise interest rates.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold dropped by Rs15,100 per tola to settle at Rs467,936.
The price of 10 grams of 24-karat gold also fell by Rs12,946, bringing it down to Rs401,179.
The decline came a day after gold prices remained unchanged in both the domestic and international markets.
In the global market, gold prices weakened significantly, with the international rate used by local traders falling by $151 to $4,454 per ounce, including a premium of $20.
