Gold prices fall historically in Pakistan, global markets

Karachi: Gold prices in Pakistan recorded a massive decrease on Friday. In the local market, gold price per tola reached Rs537,362 after a decline of Rs35,500 during the day.

Similarly, 10-gram gold was sold at Rs460,701 after it fell by Rs30,435, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Thursday, gold price per tola reached Rs572,862 after a gain of Rs21,200 during the day. The international rate of gold declined by $355 to reach $5,150 per ounce (with a premium of $20).

Meanwhile, the price of silver also decreased by Rs1,106 to reach Rs11,069 per tola.

Moreover, international gold slid more than 4% on Friday on rumours the Federal Reserve could get a more hawkish chair, but was still on track for its strongest monthly gain since 1980 as investors flocked to the safe haven amid lingering geopolitical and economic strains.

Spot gold lost 3.9% to $5,183.21 per ounce, as of 0323 GMT, after falling as much as 5% earlier.