KARACHI: After reaching a record high, gold prices in Pakistan saw a significant decline on Friday.
According the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola dropped by Rs2,000, settling at Rs307,000.
Similarly, the price of 10 grams of 24-karat gold fell by Rs1,714 to Rs263,203, while 22-karat gold declined by Rs1,571 to Rs241,278 per 10 grams.
Meanwhile, silver prices also took a hit, with per tola silver dropping by Rs38 to Rs2,940, and 10 grams losing Rs33.
On the other hand, international gold prices also saw a decline, with the per-ounce rate falling by $23 to $2,930.
In the early hours of Thursday, global equity markets fell while gold prices surged, with traders marking one month since US President Donald Trump’s return to the White House and five years since COVID first rocked world markets.
Gold was nearing $3,000 per ounce on concerns Trump will unleash a global trade war. Bullion notched its tenth record high this year, partly fueled by safe-haven demand amid the tariff threats.
It is worth noting that just yesterday, gold prices had hit an all-time high, with 24-karat gold per tola surging by Rs1,000 to Rs 309,000.
Similarly, 10 grams of 24-karat gold had risen by Rs 857 to Rs 264,917.
On the other hand, the Pakistan Stock Exchange (PSX) opened Thursday trading on a positive note, continuing to build up on Thursday’s gains.
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But fluctuations set in soon enough, and before noon, the benchmark KSE-100 index had already touched the highest of the morning at 114,444.01 points with 700 points gains and the lowest of 113,432.84 points with 300 points decline, from opening level of 113,739.15 points.
The market showed mixed reactions with regards to the sectors as well. The banking and telecom sectors managed to remain in the green for the most part, while the FMCG sector seemed to have taken a hit.