Karachi May 5 2023: In International market, Gold prices fell from near-record highs on Friday as investors waited for more economic cues, but banking woes and hopes for a pause in U.S. rate hikes kept safe-haven bullion on course for its best week in nearly two months.
Spot gold fell 0.7% to $2,036.74 per ounce by 1138 GMT, which some analysts termed a "consolidation", but was up 2.3% for the week. U.S. gold futures shed 0.5% to $2,045.90.
According to All Sindh Sarafa Jewelers Association (Pakistan), the price of gold per tola decreased by PKR 1,200 per tola for 24 Karat on Friday (PST 15:30) from record high level of 2 lakh 26 thousand 500.
In International market Gold hit $2,072.19 on Thursday, just shy of a record high of $2,072.49, after the Federal Reserve hinted that its marathon hiking cycle may be ending.
After this decrease, the price of gold per tola in the country has reached 2 lakh 25 thousand 300. Pakistan Rupee gains 0.08% to end trading at 283.59 in interbank against the greenback.
During the week the price of Gold increased by PKR 4,100 per tola.
The price of 24 karat 10 grams of gold trading at PKR 1 lakh 93 thousand 160, whereas that of 10 gram 22 karat went up to PKR 177,062, All Sindh Sarafa Jewellers Association reported.
Meanwhile, global gold demand fell in the first three months of 2023, the World Gold Council (WGC) said on Friday.