Gold prices fall sharply in Pakistan, international markets

KARACHI: Gold prices in Pakistan fell sharply on Friday, following declines in international bullion markets.

In the domestic market, the price of gold per tola dropped by Rs7,100 to Rs533,262, while the rate per 10 grams fell by Rs6,087 to Rs457,186. Silver also saw a decline, with the price per tola decreasing by Rs324 to Rs8,851 and per 10 grams down Rs278 to Rs7,588.

Globally, the price of gold in major bullion markets fell by $71 per ounce to $5,105, reflecting a continued softening of international rates.

The fall in local gold prices comes after a decline of Rs2,900 per tola was recorded in the previous session. Analysts attributed the drop to weaker international demand and fluctuations in global commodity markets.