Gold prices recorded a sharp decline in global and domestic markets on Friday. In the international bullion market, the price of gold per ounce fell by $155, bringing it to $4,545 per ounce.
According to the All-Pakistan Gems and Jewellers Sarafa Association, local markets also saw a significant drop on the last business day of the week, the price of gold per tola decreased by Rs15,500 to Rs476,862. Similarly, the price of 10 grams of gold fell by Rs13,289 to Rs408,832.
Meanwhile, silver prices also declined in the country. The price of per tola silver dropped by Rs972 to Rs8,232, while the price of 10 grams of silver fell by Rs833 to Rs7,057.
Spot silver fell 7.2% to $77.46 per ounce, platinum lost 2.9% to $1,996.34, and palladium was down 1.4% at $1,417.18. All three were headed for weekly losses.
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On Thursday, gold prices in Pakistan edged higher, tracking slight gains in the international market, where bullion remained broadly steady as investors weighed developments in the US-Israel conflict with Iran and signals from high-level diplomatic engagements between the United States and China.
In the local market, the price of gold per tola rose by Rs1,000 to settle at Rs492,362, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association. Similarly, the price of 10-gram gold increased by Rs858 to Rs422,121.
On Wednesday, gold had closed at Rs491,362 per tola after declining by Rs1,100, reflecting continued volatility in the domestic bullion market in line with shifting global cues. In the international market, spot gold was little changed at $4,689.99 per ounce at 1043 am EDT (1443 GMT), while the US gold futures for June delivery slipped 0.2% to $4,695.80.
The US dollar index edged up 0.2%, making dollar-denominated bullion relatively more expensive for holders of other currencies and slightly capping the upside momentum.
