Gold prices in Pakistan fell sharply on Thursday, following a steep decline in international markets, with the price of the precious metal dropping by Rs9,720 per tola.
According to the All-Pakistan Sarafa Gems and Jewellers Association, 24-karat gold settled at Rs432,716 per tola, while the price of 10 grams fell by Rs8,748 to Rs369,422. Ten grams of 22-karat gold was priced at Rs338,998, down Rs7,950.
The decline mirrored international market trends, where gold prices dropped by $97.20 to $4,102.80 per ounce.
Silver prices also edged lower, with the per-tola rate falling by Rs40 to Rs6,889 and the 10-gram rate declining by Rs36 to Rs5,857. In the global market, silver was quoted at $64.10 per ounce, down $0.40.
Analysts attributed the fall to growing expectations of monetary tightening by the Federal Reserve, with markets increasingly pricing in the likelihood of an interest rate hike, reducing the appeal of non-yielding assets such as gold.