ISLAMABAD: Gold prices in Pakistan recorded a steep fall on Friday, with rates tumbling sharply in the local market. The price of gold per tola declined by Rs35,500 to settle at Rs537,362. Likewise, the price of 10 grams of gold fell by Rs30,435, bringing it down to Rs460,701, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
A day earlier, on Thursday, gold prices had surged, with the per tola rate climbing to Rs572,862 after an increase of Rs21,200.In the international market, gold prices dropped by $355 to $5,150 per ounce, including a premium of $20.
Silver prices also moved lower, shedding Rs1,106 to reach Rs11,069 per tola in the domestic market. Globally, gold slid more than 4% on Friday amid speculation that the US Federal Reserve may appoint a more hawkish chair.
Despite the sharp pullback, bullion remained on course for its strongest monthly gain since 1980, driven by sustained demand for safe-haven assets amid ongoing geopolitical and economic uncertainties. Spot gold fell 3.9% to $5,183.21 per ounce by 0323 GMT, after earlier dropping as much as 5%. Prices have surged over 20% so far in January, marking a sixth consecutive monthly rise and the biggest monthly increase since January 1980. Meanwhile, US gold futures for February delivery declined 2.7% to $5,176.40 per ounce.
