Gold Prices in Pakistan Continue to Decrease After Record-Breaking Increase

In the local market, the price of gold per tola fell by Rs. 2,000 during the day, settling at Rs. 431,862, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The price of 10 grams of gold also dropped, closing at Rs. 370,252 after a decrease of Rs. 1,714. A day earlier, gold prices had already slipped by Rs. 3,500 per tola, reaching Rs. 433,862 on Thursday.

The international rate was reported at $4,095 per ounce (including a $20 premium), marking a $20 loss for the day, as per APGJSA. Silver prices in the local market declined as well, with the per tola rate dropping by Rs. 43 to Rs. 5,067.

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Internationally, gold prices eased on Friday and were on track for their first weekly drop in ten weeks, pressured by a stronger dollar and cautious trading ahead of a key U.S. inflation report.

Spot gold was down 0.2% at $4,118.68 per ounce as of 0315 GMT, with bullion falling 3% so far this week, its biggest weekly percentage drop since mid-May. U.S. gold futures for December delivery slipped 0.3% to $4,133.40 per ounce.