Gold tumbles in Pakistan as global prices take a hit

KARACHI: Gold prices in Pakistan fell on Friday, mirroring losses in the international market. Locally, the price per tola dropped by Rs2,000 to settle at Rs431,862. Ten grams of gold were sold at Rs370,252, down Rs1,714, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). 

On Thursday, gold had also lost value, with the price per tola falling Rs3,500 to Rs433,862. 

The decline in local rates followed a dip in international gold prices, which eased on Friday and were on track for their first weekly drop in 10 weeks. The downturn came amid a stronger US dollar and as investors adjusted positions ahead of an important US inflation report later in the day. 

Internationally, spot gold was trading at $4,118.68 per ounce, down 0.2 percent, while December US gold futures slipped 0.3 percent to $4,133.40 per ounce. So far this week, gold has fallen three percent, marking its largest weekly percentage drop since mid-May. 

Silver also saw a decline in the local market, with the price per tola falling Rs43 to Rs5,067. 

The APGJSA reported that international gold was trading at $4,095 per ounce with a $20 premium, reflecting a loss of $20. Analysts said market sentiment remained cautious as investors await economic data from the US that could influence precious metal prices.