Gold prices in Pakistan fall as global bullion market weakens

KARACHI: Gold prices in Pakistan fell sharply on Friday, with the price per tola plunging by Rs14,900 in the domestic bullion market, tracking movements in international prices and a stronger local currency.

Following the decline, the price of one tola (11.66 grams) of 24-karat gold dropped to Rs438,036 from the previous close.

The All Pakistan Gems and Jewellers Association (APGJA) said the price of 10 grams of 24-karat gold also fell by Rs13,410 to Rs374,205.

Market participants said the decline reflected a softer global bullion market along with stability in the Pakistani rupee against the US dollar, which reduced demand for safe-haven assets.

Silver prices remained largely stable with only minor fluctuations, traders said.