Gold Prices Drop Sharply in Pakistan Markets

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.

Read More: Pakistan urges AD Ports Group to rationalize cargo charges

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.