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Gold prices in Pakistan fell sharply this week, mirroring declines in global markets as a stronger US dollar and profit-taking by investors weighed on bullion, The Express Tribune reported.
In international trading, the precious metal lost $35 per ounce to settle around $4,115, extending a week-long slide triggered by shifting expectations over US monetary policy. The fall in global prices filtered through to the domestic market, with gold dropping by PKR3,500 ($12.35) per tola to PKR433,862. The price of 10 grams also declined by PKR3,100 to PKR371,966 the paper added.
The downturn followed similar losses a day earlier, when gold retreated to a near two-week low ahead of key US inflation data and a forthcoming policy meeting of the Federal Reserve. Market participants said profit-taking and currency movements had accelerated selling pressure.
According to The Express Tribune, data from the All-Pakistan Gems and Jewellers Sarafa Association showed that mid-week, prices had already dropped by PKR7,538 per tola to PKR437,362, from PKR444,900 the previous day. The rate for 10 grams slipped by PKR6,463 to PKR374,967.
In global markets, spot gold continued its steepest two-day fall in five years later in the week, sliding 2% to $4,038.89 per ounce as of late morning US trading, after earlier touching $4,161.17. Futures for December delivery were down 1.3% at $4,055.40.
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