KARACHI: Gold prices in Pakistan fell sharply on Friday, declining by Rs5,100 per tola, according to the All Pakistan Gems and Jewellers Association.
The price of gold dropped to Rs420,536 per tola after the latest reduction.
Similarly, the price of 10 grams of gold decreased by Rs4,373 to Rs360,541.
Gold prices also declined in the international market, falling by $51 per ounce to $3,980.
Meanwhile, silver prices in Pakistan dropped by Rs238 per tola to Rs5,530.
Gold is traditionally considered a safe-haven investment, with demand often increasing during periods of inflation, political uncertainty and economic instability.
Investors commonly turn to gold when confidence in other asset classes weakens, as the precious metal has historically been used as a store of wealth.
Pakistan has also revised its gold pricing mechanism, under which domestic gold prices are set at $20 per ounce above the international market rate.
