KARACHI: Gold prices in Pakistan declined again on Friday after recording an increase a day earlier, according to the All Pakistan Gems and Jewellers Association.
The price of gold fell by Rs6,500 per tola to Rs429,136.
Similarly, the price of 10 grams of gold dropped by Rs5,573 to Rs367,914.
Gold prices also declined in the international market, falling by $65 to $4,066 per ounce.
In the international market, the price of silver fell by 85 cents per ounce to $52.
Following the decline, the price of silver in local markets dropped by Rs85 per tola to Rs5,678.
Similarly, the price of 10 grams of silver decreased by Rs73 to Rs4,867.
The decline in local prices reflected the downward trend in international silver rates.
Gold has traditionally been considered a safe-haven investment, with prices often rising during periods of inflation and political and economic uncertainty.
The precious metal has been used as a form of currency and store of wealth for centuries. Investors often turn to gold when uncertainty surrounds other asset classes.
Pakistan has also revised its gold pricing mechanism, under which local gold prices are set at $20 per ounce above the international market rate.
