Gold Prices Plummet in Pakistan Amid Global Rate Hike Expectations

Gold prices in Pakistan dropped significantly on Friday, according to the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA). The price of 24-karat gold per tola decreased by Rs5,600 to Rs456,736, while the price for 10 grams fell by Rs4,801 to Rs391,577. This decline is in line with the global trend, where despite a 0.2% increase on Friday, gold prices remain under pressure due to stronger expectations of U.S. rate hikes.

The price of 22-karat gold also experienced a drop, selling at Rs358,958 per 10-gram, down by Rs4,401. Silver prices in the domestic market followed suit, with 24-karat silver being sold at Rs6,871 per tola (-Rs253) and Rs5,890 per 10-gram (-Rs217).