Gold prices continued to decline for a third straight day on Friday, reflecting a continued downward trend amid pre-holiday volatility in the global bullion market.
Gold price fell by Rs 2000 to Rs 271300 per tola. The decline comes amid ongoing pressure on the market due to a combination of domestic and international factors. The sustained decline follows a broader trend of lower global gold prices, which has had a direct impact on the domestic market.
According to the daily rates released by the All Pakistan Gems and Jewelers Sarafa Association (APGJSA), the price of 10 grams of gold decreased by Rs 1,715 to Rs 232,596.
The precious metal fell by $20 to $2,601 an ounce on the global market, it said.
Speaking to The Express Tribune, Adnan Agar, director, Interactive Commodities, said that “globally, the slowdown in buying is evident as investors take advantage of the opportunity ahead of the upcoming holidays.” He added that investors were anticipating a possible recovery after the holiday. Bullion has fallen about 1.8 percent this week after the U.S. central bank on Wednesday forecast a 25 basis point rate cut by the end of 2025.
Rupee vs Dollar
The Pakistani currency depreciated by Rs 0.03 to close at Rs 278.42 against the US dollar in the interbank market, the SBP reported, amid repeated affirmations by the government of improving economic conditions.