Gold prices in Pakistan fall by Rs1,300 per tola

KARACHI: After taking a downward slide in the international market, gold prices in Pakistan declined significantly on Friday.

According to the All Pakistan Sarafa Gems and Jewellers Association, gold prices continued to decline across the country, with a significant drop of Rs1,300 per tola recorded in local markets.

The price of 24-karat gold fell to Rs344,500 per tola, while the rate for 10 grams dropped by Rs1,114 to Rs295,353.

Meanwhile, 22-karat gold was being sold at Rs270,740 per 10 grams.

In contrast, silver prices remained unchanged. The rate for one tola of silver stood at Rs3,427, and 10 grams at Rs2,938.

It is worth noting that on Tuesday, gold prices had surged by Rs2,100 per tola, reaching Rs349,200, with 10 grams of 24-karat gold priced at Rs299,382.

However, gold prices in Pakistan took downward slide due to the escalating tensions between India and Pakistan in the aftermath of the Pahalgam attack.

On Monday, the price of 24-carat gold per tola dropped by Rs1,600, bringing it down to Rs347,100

On Wednesday, gold prices declined further in local market due to the war drums beating in the region.

The price of 24-karat gold decreased by Rs3,400 per tola, reaching Rs345,800, while the price for 10 grams of 24-karat gold decreased by Rs2,915, closing at Rs296,467.

Gold prices in international market

The global market also witnessed a decline in gold prices, with the per-ounce rate falling by $13 to $3,263.

This was the worst weekly performance of the gold prices in the international market in more than two months as receding trade tensions tempered safe-haven demand, while the market’s focus shifted to the US non-farm payrolls report, due later in the day.

Spot gold was steady at $3,239.15 an ounce as of 0206 GMT.

Gold has lost more than 2 per cent so far this week, the steepest weekly fall since late February.

US gold futures rose 0.8 per cent to $3,247.90.

“Prices are taking a breather, and I mean the bears now are taking charge. And well, because of that, we’ve seen retail buying,” said Singapore-based dealer GoldSilver Central Managing Director Brian Lan.

The United States has approached China to seek talks over President Donald Trump’s 145 per cent tariffs and Beijing’s door is open for discussions, China’s Commerce Ministry said on Friday, signalling a potential de-escalation in the trade war.