Global Trends Keep Pressure on Local Gold Rates
Gold prices in Pakistan fell for the fourth consecutive session on Friday, in line with weakness in the global market.
According to the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), the price of 24-karat gold declined by Rs1,000 to Rs357,100 per tola. The 10-gramme rate for 24-karat gold dropped by Rs858 to Rs306,155, while 22-karat gold was quoted at Rs280,652 per 10-gramme.
In contrast, silver prices in the local market remained unchanged, with 24-karat silver trading at Rs4,072 per tola and Rs3,491 per 10-gramme.
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In international trade, spot gold edged up slightly to $3,341 an ounce, a $6.5 or 0.19% increase from the previous session. Global gains were supported by a weaker US dollar but remained limited as higher-than-expected US inflation data dampened hopes of a significant interest rate cut by the Federal Reserve in September.
Weekly performance
The yellow metal has lost Rs5,300 per tola since Monday. Following a Rs3,600 fall on Monday, prices dropped by Rs500 on Tuesday and Rs200 on Wednesday. The markets remained closed on Thursday for Independence Day, before Friday’s Rs1,000 decline brought the price to its current level.
Last week, gold closed at Rs362,400 per tola, meaning the market has seen a sharp correction over the past few days. Analysts say local prices have largely tracked international trends, which remain under pressure due to shifting expectations for US monetary policy.
