Gold prices slide in Pakistan amid global market decline

Gold prices in Pakistan witnessed a sharp decline on Friday, reflecting a parallel downturn in the international bullion market, 24NewsHD TV reported.

 According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola fell by Rs 4,578 to settle at Rs 420,600. Similarly, the price of 10 grams of gold dropped by Rs 3,924, closing at Rs 360,597.

The decline followed a day of stability, as gold prices on Thursday had remained unchanged at Rs425,178 per tola.

The decrease in local prices came in tandem with a fall in international rates, with gold trading at $3,995 per ounce (including a $20 premium), marking a drop of $44.

While gold prices weakened, silver continued its bullish momentum.

The price of silver per tola rose by Rs34, reaching an unprecedented high of Rs5,100, setting a new record in the domestic market.

However, the silver price per tola increased by Rs34 to reach Rs5,100, a new all-time high.

Additionally, international gold held steady below $4,000 an ounce on Friday and was set for an eighth straight weekly gain, buoyed by lingering geopolitical and economic tensions and increased expectations of further US rate cuts.

Spot gold slipped 0.1% to $3,971.43 per ounce by 0514 GMT, but was up 2.2% for the week.

US gold futures for December delivery rose 0.3% to $3,985.8. Silver rose 0.9% to $49.55 per ounce, easing from the record high of $51.22 hit on Thursday.