Gold extends losses on US rate concerns

Gold in Pakistan fell for a second straight session on Friday, with the per-tola rate dropping Rs4,900 to Rs411,636, The Express Tribune reported. Ten-gram gold declined Rs4,201 to Rs352,911, while silver lost Rs111 to Rs5,467 per tola, according to the All-Pakistan Gems and Jewellers Sarafa Association. Thursday had already seen a Rs10,900 per-tola fall, bringing gold to Rs416,536.

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