Gold prices in Pakistan slide for second day

ISLAMABAD: After a prolonged upward trend, gold prices in Pakistan recorded a significant drop over two consecutive days, as international rates also saw a notable decline.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-carat gold fell by Rs2,300 per tola on Friday, bringing it down to Rs356,700.

Likewise, the price of 10 grams dropped by Rs1,972, settling at Rs305,812.

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This follows Thursday’s even sharper decline, when gold lost Rs5,900 per tola, bringing the rate down to Rs359,000. The price of 10 grams also decreased by Rs5,058, ending at Rs307,784.

The global gold market saw a $61 decrease per ounce, with the international price falling to $3,363.

Experts attributed the price dip to easing global tensions, as the United States and China reached a trade understanding, extending negotiations by 90 days — a move that brought stability to markets and impacted gold demand.

Earlier, on Wednesday, gold had surged by Rs3,700 per tola, reaching a record Rs364,900. Ten grams of gold rose by Rs3,137 to Rs312,842.

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Meanwhile, the price of silver also climbed on Wednesday. The association reported a Rs46 increase in per tola silver, raising it to Rs4,081. Ten grams of silver rose by Rs39 to Rs3,498.

In the international market, gold had jumped from $3,387 to $3,424 per ounce before falling back on Thursday.

Short-term inflation jumps

Meanwhile, short-term inflation in Pakistan spiked by 4.07 per cent during the week ending July 24, largely driven by a sharp increase in utility charges and food prices, according to data released by the Pakistan Bureau of Statistics (PBS) on Friday.

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The increase was mainly fuelled by a 29.85 per cent surge in gas bills for the first quarter, followed by a 22.93 per cent hike in tomato prices and a 21.46 per cent rise in electricity charges for the same period.

Other notable increases included eggs, garlic, cigarettes, beef, and various dairy items.