KARACHI: Gold prices in Pakistan declined on Friday, in line with a retreat in the international market.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the Gold prices per tola fell by Rs1,500 to Rs355,700 in the local market, while the rate of 10 grammes slipped by Rs1,286 to Rs304,955.
The correction came a day after bullion rose sharply by Rs2,000 per tola to Rs357,200, tracking gains in global prices.
Internationally, gold was quoted at $3,330 per ounce (including a $20 premium), down $15 from the previous session. Silver prices in the local market remained steady at Rs4,031 per tola.
Volatile week
The bullion market has seen sharp swings this week. On Wednesday, gold shed Rs1,400 per tola before recovering the next day, only to reverse part of those gains on Friday.
Analysts attributed the volatility to fluctuations in the US dollar and uncertainty over the Federal Reserve’s policy stance.
Jewellers said demand in Pakistan usually strengthens ahead of the wedding season, but recent price instability has kept buyers on the sidelines. Nonetheless, many investors continue to view gold as a safe-haven asset despite the daily fluctuations.
Gold price trend this month:
| Date | Gold price (per tola) | Change (per tola) |
| August 1 | Rs352,900 | down by Rs100 |
| August 2 | Rs359,000 | up by Rs6,100 |
| August 4 | Rs359,500 | up by Rs500 |
| August 5 | Rs358,000 | down by Rs1,500 |
| August 6 | Rs359,300 | up by Rs1,300 |
| August 7 | Rs362,200 | up by Rs2,900 |
| August 8 | Rs362,700 | up by Rs500 |
| August 9 | Rs362,400 | down by Rs300 |
| August 11 | Rs358,800 | down by Rs3,600 |
| August 12 | Rs358,300 | down by Rs500 |
| August 13 | Rs358,100 | down by Rs200 |
| August 15 | Rs357,100 | down by Rs1,000 |
| August 16 | Rs356,200 | down by Rs900 |
| August 18 | Rs357,700 | up by Rs1,500 |
| August 19 | Rs356,600 | down by Rs1,100 |
| August 20 | Rs355,200 | down by Rs1,400 |
| August 21 | Rs357,200 | up by Rs2,000 |
| August 22 | Rs355,700 | down by Rs1,500 |
