Gold prices in Pakistan fell sharply on Friday, hitting Rs537,362 per tola with a record decline of Rs35,500, the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported.

 

According to the APGJSA, 10-gram gold also recorded a drop worth Rs30,435, and was sold at Rs460,701.

 

A day earlier, gold prices on Thursday reached Rs572,862 per tola with a hike of Rs21,200 during the day.

 

Meanwhile the price of gold in the international market has also fallen by $355 to reach $5,150 per ounce, with a premium of $20.

 

The drop in international gold prices came amid rumors that the US Federal Reserve could appoint a more hawkish chair.

 

Spot gold lost 3.9% to $5,183.21 per ounce, while US gold futures for February delivery fell 2.7% to $5,176.40 per ounce.

 

Gold has risen more than 20% so far in January despite Friday’s drop, heading for its sixth straight monthly gain – the largest since January 1980.

 

Separately, silver prices have also dropped by Rs1,106 to reach Rs11,069 per tola.