Gold prices fall sharply after dip in international rates

KARACHI: Gold prices recorded a sharp decline in the local market on Thursday, tracking a drop in international rates.

According to the All Pakistan Gems and Jewelers Association, the price of gold per tola fell by Rs 900 to settle at Rs 454,862. Similarly, the price of 10 grams of gold decreased by Rs 772, bringing it down to Rs 389,970.

The Sarafa Association said that gold prices in the international market also declined by $9, closing at $4,325 per ounce.

The drop comes a day after gold prices had surged sharply. On Wednesday, the price of gold increased by Rs 2,200 per tola, reaching Rs 455,762.

Market analysts said continued fluctuations in global gold prices are directly influencing local rates, keeping investors and buyers cautious.

Meanwhile, the Pakistan Stock Exchange maintained its positive momentum on Friday, with bullish sentiment pushing share prices higher in early trading.

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During the first half of the session, the benchmark KSE-100 Index gained more than 400 points. By 12pm, the index was trading at 172,379.98, up by 419.34 points from the previous close.

Market participants attributed the upward trend to active buying in key sectors, driven by improving economic indicators and expectations of stability, reflecting strong investor confidence.