Gold prices post steep fall for second day in Pakistan

KARACHI: Gold prices in Pakistan fell sharply on Friday, with the price of 24-karat gold declining by Rs5,600 per tola to Rs456,736, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The price of 10-gram gold fell by Rs4,801 to Rs391,577.

The decline came a day after gold prices fell Rs600 per tola to Rs462,336 on Thursday. The 10-gram rate had stood at Rs396,378 on Thursday.

In the international market, spot gold rose 0.7 per cent to $4,346.44 an ounce on Friday, supported by softer oil prices and ahead of US inflation data, although bullion remained on track for a weekly loss, Reuters reported.

Gold prices have remained volatile this week amid changing expectations over US interest rates and movements in energy prices.

Higher interest rates tend to weigh on gold, which does not pay interest, while expectations of lower rates generally support demand for the precious metal.