Pakistani Gold Edges Lower as US Rate Fears Persist

Gold in Pakistan eased for a second straight session on Friday, with the per-tola rate down Rs4,900 to Rs411,636, according to The Express Tribune. The ten-gram gold price fell Rs4,201 to Rs352,911, while silver declined Rs111 to Rs5,467 per tola, based on data from the All-Pakistan Gems and Jewellers Sarafa Association. Thursday’s session had already seen a Rs10,900 per-tola drop, bringing gold to Rs416,536.

International spot gold slipped more than 4% over the week despite a small intraday recovery, according to reports, and was headed for its sharpest weekly decline since early June. The report linked the pressure on bullion to expectations of tighter US monetary policy and geopolitical uncertainty, and cited Interactive Commodities director Adnan Agar’s forecast that gold could face further weakness. The rupee edged up Rs0.01 against the dollar to close at Rs276.60.

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