Gold sheds Rs5,000 in line with global trend

Gold prices dropped significantly on Friday, mirroring a decline in international rates, and settled at Rs277,800 per tola with a decrease of Rs5,000. Similarly, the price for 10-gram gold fell Rs4,286 to Rs238,169, as per the rates provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). The drop followed an increase of Rs2,300 per tola on Thursday. Meanwhile, the international bullion rate declined on Friday, with APSGJA reporting it at $2,666 per ounce after a decrease of $50. "The market underwent another correction," stated Adnan Agar, Director at Interactive Commodities. He noted that in the international market, gold briefly hit the low of $2,662 before stabilising around $2,670.