Sharp Fall in Gold Prices in Pakistan
Gold prices in Pakistan fell sharply on Friday, reversing the gains recorded a day earlier. The price of gold declined by Rs 35,500 per tola to settle at Rs 537,362 in the local market.
According to the All Pakistan Gems and Jewelers Sarafa Association, the price of 10 grams of gold also dropped significantly, falling by Rs 30,435 to Rs 460,701.
The decline came just a day after gold prices had surged. On Thursday, gold had risen by Rs 21,200 per tola, reaching Rs 572,862 amid strong buying interest.
Internationally, gold prices also witnessed a steep fall. The price per ounce declined by $355 to $5,150, which includes a $20 premium. Spot gold dropped 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.
Silver prices followed a similar trend in the domestic market, falling by Rs 1,106 to Rs 11,069 per tola.
Global analysts attributed the sharp decline in gold prices to speculation that the US Federal Reserve may appoint a new chairman inclined toward tighter monetary policy. Despite the latest drop, gold has gained more than 20 percent so far in January, marking its strongest monthly performance since 1980.
Market experts noted that gold continues to be viewed as a safe-haven asset amid geopolitical tensions and global economic uncertainty. However, they cautioned that short-term price volatility remains likely in the near future.
