Gold prices in Pakistan fell sharply on Friday, with the local price per tola dropping by Rs35,500 to close at Rs537,362, according to APGJSA data.
Similarly, 10-gram gold declined by Rs30,435, reaching Rs460,701, reflecting significant downward pressure in the domestic bullion market after a previous increase on Thursday of Rs21,200.
The international rate of gold decreased by $355 to $5,150 per ounce, with a $20 premium, while silver also fell by Rs1,106, closing at Rs11,069 per tola.
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Global gold slid more than four percent amid speculation that the Federal Reserve could appoint a more hawkish chair, affecting investor sentiment and prompting earlier intraday losses of up to five percent.
Spot gold was down 3.9 percent to $5,183.21 per ounce, while US gold futures for February delivery fell 2.7 percent to $5,176.40 per ounce, reflecting global market volatility.
Despite Friday’s decline, gold prices have risen more than twenty percent in January, marking a sixth consecutive monthly gain and the largest monthly advance since January 1980 globally.
