Gold falls Rs6,500 a tola as dollar firms

Gold in Pakistan lost Rs6,500 per tola on Friday, closing at Rs429,136, while the 10-gram rate fell Rs5,573 to Rs367,914, according to rates published by the All-Pakistan Gems and Jewellers Sarafa Association. The Express Tribune reported that the local decline followed a stronger US dollar and higher Treasury yields, which pressured international bullion after US employment data came in above expectations.

International spot gold dropped 1% to $4,047.10 an ounce, while December US futures slipped 1.4% to $4,057.20. Despite Friday’s fall, spot gold remained 4.5% higher for the week; locally, silver also declined, by Rs85 to Rs5,678 per tola. Interactive Commodities Director Adnan Agar said a possible correction in global equities could add selling pressure, while gold’s next move would depend on market developments.