KARACHI: Gold prices in Pakistan fell by Rs3,000 per tola on Wednesday, according to the All Pakistan Gems and Jewellers Association.
The price of gold dropped to Rs437,836 per tola following the decline. Similarly, the price of 10 grams of gold decreased by Rs2,572 to Rs375,373, the association said.
Silver prices also declined in the local market, with the price per tola falling by Rs172 to Rs6,360. Similarly, the price of 10 grams of silver decreased by Rs148 to Rs5,452.
In the international market, gold prices fell by $30 to $4,153 per ounce.
Gold is traditionally regarded as a safe-haven asset, with demand often increasing during periods of inflation and economic or political uncertainty.
Pakistan recently changed its mechanism for determining domestic gold prices, setting the local rate at $20 per ounce above the international market price.
Earlier, Gold prices rose in international and domestic markets on Friday, with the global rate increasing by $59 per ounce and the local price climbing by Rs5,900 per tola.
In the international bullion market, gold prices increased to $4,184 per ounce.
Following the global trend, the price of gold in Pakistan’s local markets rose to Rs440,936 per tola, according to market data.
The price of 10 grams of gold also increased by Rs5,058 to Rs378,031.
Silver prices also recorded gains in the domestic market. The price of silver rose by Rs144 per tola to Rs6,512, while the rate for 10 grams increased by Rs123 to Rs5,582.
