Gold prices drop in global and local markets

KARACHI: Gold prices declined in both global and local markets, ending a four-month streak of continuous increases and halting the setting of new records.

The price of gold in the international bullion market fell by another $33 per ounce, reaching $3,305 on Friday.

As a result, the price of 24-karat gold in the local sarafa markets also dropped significantly by Rs3,300 per tola, bringing it down to Rs348,700.

Similarly, the price of 10 grams of gold in Pakistan decreased by Rs2,833 to Rs298,950.

Along with the drop in gold prices, silver prices also saw a decline.

The price of silver per tola fell by Rs40 to Rs3,497, while the price of 10 grams of silver dropped by Rs35 to Rs2,998.

On the other hand, Pakistan’s inflation eased further on a weekly basis, with the Sensitive Price Indicator (SPI) showing a 1.92 per cent decline, bringing the annualised rate down to -3.52 per cent, the Pakistan Bureau of Statistics (PBS) reported on Friday.

According to the PBS, prices of 18 essential items dropped during the week, while 22 items remained stable. This marks another week of relief for consumers amid falling food and utility prices.

Among the notable declines, broiler chicken prices fell by 11.75pc, wheat flour by 5.68pc, garlic by 4.66pc, bananas by 3.51pc, and onions by 1.93pc. Other commodities that saw a decrease included mustard oil, tomatoes, electricity, and LPG.

However, the report noted that prices of 11 items increased during the week. Potatoes rose by 6.94pc, eggs by 0.66pc, and salt by 0.51pc. Gur (jaggery), yogurt, lentils (masoor and chana), cigarettes, and some clothing items also saw price hikes.