Gold prices continued to decline for the third consecutive day on Friday, reflecting a sustained downward trend in the global bullion market amid pre-holiday oscillation.
The price of gold per tola dropped Rs2,000 and reached Rs271,300. The decline comes amid ongoing pressure on the market, driven by a combination of local and international factors. The persistent drop follows a broader trend of weakening global gold rates, which has had a direct impact on the local market.
The price of 10-gram gold decreased Rs1,715 to Rs232,596, according to the daily rates released by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).
It reported that the precious metal lost $20 during the day to $2,601 per ounce in the global market.
Talking to The Express Tribune, Interactive Commodities Director Adnan Agar said “global buying at dips is evident as investors are seizing the opportunity ahead of the upcoming holidays.” Investors were anticipating a potential rebound post-holiday, he added. Bullion has fallen about 1.8% this week, after the US central bank on Wednesday projected two 25-basis-point rate cuts by the end of 2025.
Rupee vs dollar
Pakistani currency slightly depreciated by Rs0.03 to close at Rs278.42 against the US dollar in the inter-bank market, the SBP reported, amid the government’s repeated affirmation of an improved economic situation.
