Gold prices decline in Pakistan following global trend

WEB DESK: In sync with the global market trend, gold prices in Pakistan witnessed a decline on Friday, presenting a shift from the previous day’s upward movement.

The precious metal, often considered a safe-haven asset, was valued at Rs214,100 per tola after experiencing a dip of Rs1,200 throughout the day.

The All Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported that the 10-gramme gold rate also reflected this decrease, settling at Rs183,556, marking a Rs1,029 reduction.

This reversal in the gold market followed a minor surge on Thursday, when prices had risen by Rs100 per tola in Pakistan.

However, on the global stage, gold faced a setback, with the international rate dropping by $11 per ounce on Friday.

The APGJSA highlighted that the world market recorded a gold value of $2,040 per ounce, incorporating a $20 premium.

In the midst of these fluctuations, silver rates in Pakistan remained resilient, holding steady at Rs2,570 per tola.

Market analysts attribute the fluctuating gold prices to various factors, including global economic conditions, geopolitical events, and shifts in investor sentiment.

As investors closely monitor these developments, the precious metals market continues to be dynamic, responding to both local and international influences.

Experts suggest that these fluctuations emphasise the importance of staying informed about market trends, especially for those involved in the gems and jewellery sector.

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