Gold prices in Pakistan today dropped sharply on Friday, moving against the trend in international markets. Local prices declined despite global gold rates rebounding after a steep selloff in the previous session.
The sudden drop has drawn attention from investors and buyers who closely track daily movements in precious metals.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola fell by Rs21,400 to Rs507,762. The rate for 10 grammes of gold dropped by Rs18,347 to Rs435,324.
Similarly, the price of 10 grammes of 22-karat gold declined by Rs16,819 to Rs399,061. Traders say the sharp adjustment reflects local market pressures rather than international pricing alone.
Read: Gold Prices Jump Sharply in Domestic and Global Markets
Silver prices also move lower in Pakistan
Silver prices followed the downward trend in the domestic market. The price of silver per tola declined by Rs 1,430 to Rs 7,825.
Meanwhile, the price of 10 grammes of silver dropped by Rs1,226 to Rs6,708. Dealers noted weaker buying interest amid recent volatility in precious metals.
International gold prices rebound
In contrast, international gold prices moved higher. Spot gold rose 2.3 percent to $4,879.06 per ounce, rebounding from a sharp selloff in the previous session.
US gold futures for April delivery gained 0.2 percent to $4,900.9 per ounce. Analysts attributed the rebound to falling global equities and ongoing geopolitical uncertainty.
Gold benefited from its traditional role as a safe-haven asset. Global stock markets faced renewed pressure, with losses on Wall Street spilling into Asian markets.
At the same time, tensions between the United States and Iran remained in focus as both sides began high-level negotiations in Oman over Tehran’s nuclear programme. International silver prices also rebounded. Spot silver rose 4.2 percent to $74.21 per ounce after falling below $65 during early Asian trading.
On a weekly basis, gold gained 0.3 percent. Silver, however, remained under pressure and was down more than 12 percent for the week after a steep fall in the previous week.
The US dollar hovered near a two-week high, adding pressure to precious metals. The dollar strengthened after President Donald Trump nominated Kevin Warsh as the next Federal Reserve Chair.
