Gold prices witnessed a sharp decline in both global and domestic markets on Friday, according to market data.
Image: The Nation
In the international bullion market, gold fell by $155 per ounce, bringing the price down to $4,545 per ounce amid continued volatility in global commodity trading.
Following the international trend, local markets in Pakistan also recorded a significant drop. According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of gold per tola decreased by Rs15,500 to Rs476,862, while the price of 10 grams fell by Rs13,289 to Rs408,832.
Silver prices also declined in domestic trading, with per tola silver falling by Rs972 to Rs8,232 and 10 grams dropping by Rs833 to Rs7,057.
In global markets, spot silver declined by 7.2 percent to $77.46 per ounce, while platinum fell 2.9 percent to $1,996.34 and palladium decreased 1.4 percent to $1,417.18. All three metals were on track to post weekly losses.
Market analysts said precious metals remained volatile amid shifting investor sentiment influenced by geopolitical tensions, including developments in the Middle East and global diplomatic activity between major powers.
