Gold Prices Drop in Pakistan After Record Highs
Gold prices in Pakistan fell sharply on Friday. This drop came after prices reached record levels a day earlier. The move shows strong ups and downs in the bullion market.
Local demand and global trends both played a role.
Updated Gold Rates Across Pakistan
Figures from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) show a clear decline in prices.
On Friday, gold per tola fell by Rs. 35,500 and closed at Rs. 537,362.
At the same time, 10 grams of gold dropped by Rs. 30,435, bringing the rate to Rs. 460,701.
Prices Rose Sharply a Day Earlier
A day earlier, gold prices moved higher. The per tola rate reached Rs. 572,862 after a single-day rise of Rs. 21,200.
Such quick changes are point to market caution.
Global Gold Market Sees Losses
Outside Pakistan, gold prices also moved lower. In the global market, prices fell by $355 per ounce.
As a result, gold settled at $5,150 per ounce, including a $20 premium.
Experts link this fall to profit-taking and changes in rate outlooks.
Short-Term Uncertainty Continues
For now, gold prices may remain unstable. Investors are watching global data and currency trends closely.
Any major update could affect prices further.
Silver Prices Also Move Lower
Along with gold, silver prices declined on Friday.
In the local market, silver per tola dropped by Rs. 1,106 and closed at Rs. 11,069.
US Fed News Hits Bullion Prices
Reports from the United States affected investor mood and News suggested a tougher stance from the US Federal Reserve.
This led many traders to lock in profits after recent gains.
Monthly Gains Still Strong
Even with the recent fall, gold showed strong monthly growth.
The market remained on track for its best monthly result since 1980, supported by safe-haven demand.
Latest Global Price Update
By 03:23 GMT, spot gold fell 3.9 percent to $5,183.21 per ounce.
Earlier in the session, prices slid by nearly 5 percent.
So far in January, gold has gained more than 20 percent. This marks the sixth straight monthly rise.
Meanwhile, US gold futures for February dropped 2.7 percent to $5,176.40 per ounce.
