Gold prices fall in Pakistan, reversing earlier bullion rally

KARACHI: Gold prices in Pakistan fell sharply on Friday, reversing gains from the previous session as local bullion markets adjusted to localized trading dynamics despite subtle movements in the international market.

The price of 24-karat gold declined by Rs1,469 per tola — a traditional regional unit of weight equivalent to 11.66 grams — to settle at Rs467,816, according to data released by the All-Pakistan Gems and Jewellers’ Sarafa Association (APGJSA).

The drop effectively erased most of the Rs1,523 gains accumulated during Thursday’s trading session, which had pushed the precious metal to Rs469,285 per tola.

The 10 grams (24-karat) of gold fell by Rs1,323 to settle at Rs401,012  compared to Thursday’s close of Rs402,335.

Reversing Thursday surge

The Friday downturn contrasts with Thursday’s bullish performance, where local gold rates tracked international bullion gains.

On Thursday, spot gold on the global market had risen by $14 to hit $4,468 per ounce, triggering a corresponding rise in Pakistan’s jewelry hubs.

While global spot gold hovered steadily around the $4,470 per ounce mark into Friday’s trade, domestic prices bucked the international baseline, influenced by shifts in local currency valuations and cooling demand in major urban retail markets including Karachi, Lahore, and Islamabad.

Silver prices in the domestic market remained largely steady on Friday following a brief Rs97 drop per tola the previous day, where it had settled at Rs7,797.