KARACHI: Gold prices in Pakistan fell sharply after a sustained upward trend, with the price of one tola declining by Rs5,600 to Rs424,136, according to the All Pakistan Sarafa Gems and Jewelers Association.
The association said the price of 10 grams of gold also dropped by Rs4,801 to Rs363,628. The decline followed a fall in international bullion markets, where gold lost $56 per ounce to trade at $4,017.
Silver prices also moved lower in both domestic and global markets. The price of one tola of silver fell by Rs50 to Rs6,289, while 10 grams declined by Rs43 to Rs5,391. In the international market, silver was trading at $58.10 per ounce.
Gold is traditionally regarded as a safe-haven investment and often gains value during periods of inflation, economic uncertainty and geopolitical tensions. Investors typically shift toward bullion when confidence in other asset classes weakens.
Pakistan revised its gold pricing mechanism last year, under which local gold prices are calculated at $20 per ounce above the international market rate, a policy that continues to influence domestic bullion prices.
More read, Gold prices drop Rs3,800 per tola in Pakistan
Earlier, Gold prices fell sharply across Pakistan, tracking a decline in international bullion markets, according to the Pakistan Gems and Jewellers Association.
The association said the price of 24-karat gold dropped by Rs3,800 per tola, bringing the new rate to Rs429,736 per tola.
The price of 10 grams of gold also declined by Rs3,258, settling at Rs368,429.
In the international market, gold prices fell by $38 per ounce, with bullion trading at $4,073 per ounce, contributing to the downward trend in domestic prices.
