Gold prices in Pakistan moved lower on Friday, tracking losses in the international market and bringing some relief to buyers after recent highs.
In the local market, the price of gold per tola dropped by Rs8,600 to settle at Rs519,962. The rate for 10 grams of gold also fell, declining by Rs7,373 to reach Rs445,783, according to figures released by the All-Pakistan Gems and Jewellers Sarafa Association.
A day earlier, on Thursday, gold prices remained unchanged, with the per tola rate holding at Rs528,562 throughout the session. The latest drop reflects the ongoing volatility in both local and global bullion markets.
On the international front, gold prices declined by $86 to reach $4,972 per ounce, including a premium of $20. Silver prices also followed the same trend in Pakistan, dropping by Rs501 to settle at Rs8,324 per tola.
Global market shows mixed trend
Globally, gold saw some recovery on Friday after touching a near one week low in the previous session. Investors stepped in to buy at lower levels while closely watching key US inflation data for signals about future interest rate decisions.
Spot gold rose 0.7 percent to $4,951.90 per ounce by midday trading, though it remained slightly down for the week overall. US gold futures for April delivery also edged up by 0.5 percent to $4,971.70 per ounce.
Hamad Hussain said stronger buying interest in Asia, where demand has stayed firm, appeared to be helping prices recover. Demand remained solid in China ahead of the Lunar New Year, while in India buyers showed caution due to price swings.
Gold had dropped nearly 3 percent on Thursday after strong US jobs data reduced expectations of early interest rate cuts. Independent analyst Ross Norman noted that despite short term fluctuations, the overall outlook for precious metals remained positive.
Read next: Gold prices unchanged in Pakistan as global market dips
