Gold prices fall for fourth session, weekly loss reaches Rs5,300 per tola

KARACHI: Gold prices in Pakistan continued their downward trend on Friday, marking the fourth straight session of declines this week, as rates followed weakness in the international market.

According to the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), the price of 24-karat gold fell by Rs1,000 on Friday, bringing it down to Rs357,100 per tola. The 10-gramme rate of 24-karat gold slipped by Rs858 to Rs306,155, while 22-karat gold was quoted at Rs280,652 per 10-gramme.

Silver prices, however, remained unchanged in the domestic market. The price of 24-karat silver stood at Rs4,072 per tola and Rs3,491 per 10-gramme.

In the global market, spot gold edged higher to around $3,341 an ounce, up $6.5 or 0.19 percent from the previous session. International prices found some support from a weaker dollar, but gains were limited as hotter-than-expected US inflation data lowered expectations of a large interest rate cut by the Federal Reserve in September.

Four-day slide since Monday

With Friday’s drop, gold has now shed Rs5,300 per tola over the past four trading sessions. Markets were closed on Thursday due to the Independence Day holiday, but declines were recorded on every other day this week.

On Monday, the yellow metal fell sharply by Rs3,600 to Rs358,800 per tola. Tuesday brought another Rs500 drop, taking the price to Rs358,300. On Wednesday, it eased by Rs200 to Rs358,100, before Friday’s Rs1,000 decline pushed it to the current Rs357,100 level.

Gold had ended the previous week at Rs362,400 per tola, meaning it has seen a significant correction over the course of this week. Analysts say the domestic market has largely mirrored movements in global prices, which remain under pressure from shifting US monetary policy expectations.

Despite the pullback, traders note that international price movements and currency fluctuations will remain key drivers for gold rates in the days ahead.