KARACHI: After a continuous upward trend, gold prices in Pakistan recorded a decline here on Thursday.

According to the All Pakistan Gems and Jewellers Association, the price of 24-karat gold per tola fell by Rs 2,000 to Rs 396,800. Similarly, the price of 10 grams of gold decreased by Rs 1,714 to Rs 340,192.

In the international market, gold prices dropped by $20, reaching $3,750 per ounce.

It is noteworthy that just two days ago, the price of gold had surged by Rs 5,100 per tola, reaching Rs 398,800.

Earlier, Gold prices in Pakistan climbed to another record high in line with the upward trend in international market on Wednesday.

According to the Saraffa Association, the opening price of 24-karat gold per tola stood at 398,800 while the rate for 10 grams stood at Rs341,906.

Gold is a valuable commodity widely traded in global markets. Known for its rarity and durability, gold has been used for centuries as a store of value and hedge against inflation. It is traded in various forms, including physical bullion, futures contracts, and exchange-traded funds (ETFs).

Investors often turn to gold during economic uncertainty, as it tends to retain value when other assets decline. Major trading centers include London, New York, and Shanghai. Gold prices are influenced by factors like interest rates, currency strength, and geopolitical events, making it a crucial component of diversified investment portfolios.