Gold falls by Rs2,700 per tola in local market as silver posts gains

ISLAMABAD: Gold prices moved lower on Friday in both the international and domestic markets, while silver registered an increase, according to figures released by the All-Pakistan Gems and Jewellers Sarafa Association.

In the global bullion market, gold fell by $27 per ounce to $4,717. In Pakistan’s local market, the price of gold per tola dropped by Rs2,700 to Rs494,062. The rate for 10 grams of gold also declined, falling by Rs2,315 to Rs423,578.

Silver, however, recorded an upward trend in the local market. The price of silver per tola rose by Rs80 to Rs8,525, while the rate for 10 grams increased by Rs68 to Rs7,308.

Internationally, spot silver climbed 2.3% to $80.31 per ounce, while platinum gained 1.5% to $2,051.31. Both metals were headed for a weekly gain. Palladium also rose 1.5% to $1,503.77, although it remained on track for a weekly loss of 1.3%.

Recent market movement

The latest decline followed a sharp rise in gold prices a day earlier. On Thursday, according to the All-Pakistan Gems and Jewellers Sarafa Association, the local price of gold per tola jumped by Rs7,800 to Rs496,762, while the price of 10 grams increased by Rs6,687 to Rs390,416.

Silver also advanced on Thursday, with the per tola rate rising by Rs373 to Rs8,445 and the price of 10 grams increasing by Rs320 to Rs7,240.

Before that, on Wednesday, gold prices had also moved up. The per tola rate increased by Rs11,100 to Rs488,962, while 10 grams of gold rose by Rs9,517 to Rs419,206. Silver prices also recorded gains that day, with per tola silver increasing by Rs223 to Rs8,072 and 10 grams rising by Rs191 to Rs6,920.

On Tuesday, the trend had turned negative. The association said gold per tola fell by Rs2,100 to Rs477,862, while the price of 10 grams declined by Rs1,801 to Rs409,689. Silver also slipped by Rs65 to Rs7,849 per tola.

Earlier in the week, on Monday, gold per tola had decreased by Rs3,800 to Rs479,962, according to the All-Pakistan Gems and Jewellers Sarafa Association. The price of 10 grams of gold dropped by Rs3,257 to Rs411,490, while silver prices fell by Rs100 to Rs7,914 per tola.

Association figures

The All-Pakistan Gems and Jewellers Sarafa Association’s data showed that after two consecutive sessions of strong gains on Wednesday and Thursday, gold prices eased on Friday, even as silver continued to strengthen.

The latest figures reflected mixed movement across precious metals, with gold retreating in both the local and international markets and silver extending its rise.