KARACHI: The price of gold in Pakistan fell by Rs4,000 per tola on Tuesday, according to the All Pakistan Gems and Jewellers Association.
The price of one tola of gold decreased to Rs449,336, while the price of 10 grams fell by Rs3,429 to Rs385,233.
In the international market, gold prices also declined by $40 to $4,268 per ounce.
In Pakistan, the price of silver decreased by Rs122 per tola to Rs6,802, while the price of 10 grams fell by Rs105 to Rs5,831.
Gold has traditionally been regarded as a safe-haven investment because its value tends to rise during periods of inflation, political uncertainty and economic instability.
For centuries, gold has served as a store of wealth and a form of currency. When investors lose confidence in other asset classes, they often turn to gold as a relatively stable investment to preserve their wealth.
In Pakistan, the mechanism for setting domestic gold prices was revised last year. Under the updated formula, local gold prices are calculated based on the international market rate plus a premium of $20 per ounce, reflecting domestic pricing adjustments.
Earlier, Gold and silver prices fell in both global and local markets on Monday, with gold declining by $38 per ounce in the international bullion market.
Gold was quoted at $4,308 per ounce in the global market after the decline.
Following the international trend, the price of gold in Pakistan's local bullion markets fell by Rs3,800 per tola, bringing the price to Rs453,336 per tola.
The price of 10 grams of gold also decreased by Rs3,258 to Rs388,662.
