By S.M Inam
KARACHI: Gold prices in Pakistan fell sharply on Thursday, tracking a steep decline in the international market, with the price of the precious metal dropping by Rs9,720 per tola.
According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold settled at Rs432,716 per tola. The price of 10 grams declined by Rs8,748 to Rs369,422, while 22-karat gold was traded at Rs338,998 per 10 grams, down Rs7,950. The domestic fall mirrored weakness in global markets, where gold dropped by $97.20 to $4,102.80 per ounce.
Silver also weakened, with the per-tola price slipping by Rs40 to Rs6,889, while 10 grams fell by Rs36 to Rs5,857. In international trade, silver was quoted at $64.10 per ounce, down $0.40. Analysts said the decline was driven by growing expectations of tighter monetary policy in the United States, with markets pricing in more than a 70 percent chance of a Federal Reserve rate hike.
Recent US inflation data, which showed a 4.2 percent annual rise, the fastest since early 2023, also weighed on bullion prices by strengthening expectations of continued policy tightening. They added that easing geopolitical tensions in the Middle East had further reduced the safe-haven demand that had previously pushed gold to record highs earlier in the year.
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