Gold falls Rs35,500 per tola in biggest single-day drop in Pakistan

Gold prices in Pakistan dropped sharply on Friday, reversing the strong gains seen a day earlier.

In the local market, the price of gold per tola fell by Rs35,500 to settle at Rs537,362.

Likewise, the price of 10 grams of gold declined by Rs30,435 to Rs460,701, according to the latest rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Thursday, gold had touched Rs572,862 per tola after rising by Rs21,200 in a single day.

In the international market, gold prices also came under pressure, falling by $355 to trade at $5,150 per ounce, including a premium of $20.

Silver prices mirrored the downward trend, shedding Rs1,106 to close at Rs11,069 per tola in the domestic market.

Globally, gold slid more than four per cent on Friday amid market speculation that the US Federal Reserve could adopt a more hawkish stance under a new chair.

Despite the decline, bullion remained on course for its strongest monthly performance since 1980, as investors continued to seek safety due to ongoing geopolitical and economic uncertainties.

Spot gold was down 3.9pc at $5,183.21 per ounce by 0323 GMT, after plunging as much as five per cent earlier in the session.