Gold prices reverse previous day’s gains with Rs4,200 per tola drop

Gold prices experienced a downturn in the domestic market on Friday, aligning with the global trend.

The price of 24-karat gold dropped by Rs4,200 to reach Rs228,200 per tola, reflecting fluctuations in international gold prices.

Notably, the previous day saw a significant increase of Rs4,600 per tola in gold prices in Pakistan.

According to the Karachi Sarafa Association, the price of 24-karat gold per 10 grammes fell to Rs195,645, marking a decrease of Rs3,600.

Similarly, the price of 22-karat gold also saw a decline, reaching Rs179,341 per 10 grammes.

In addition to gold, silver prices also saw a decrease. 24-karat silver was sold at Rs2,580 per tola and Rs2,211.93 per 10 grammes, indicating a decrease of Rs20 per tola and Rs17.15 per 10 grammes, respectively.

Internationally, spot gold prices retreated after reaching a milestone of over $2,200 an ounce for the first time.

This drop followed the Federal Reserve’s indication of maintaining its trajectory for three interest-rate cuts this year. Spot gold traded near $2,166.81, showing a decrease of $14.65 or 0.68 per cent for the day.

The correction in gold prices was influenced by the strengthening of the dollar, which rose by 0.8 per cent after hitting a one-week low.