KARACHI: Gold prices fell further in both global and local markets on Thursday, with the international price declining by $56 per ounce and the local price dropping by Rs5,600 per tola.
In the international bullion market, gold fell $56 to $4,258 per ounce.
Following the decline in global prices, the price of gold in local markets fell by Rs5,600 per tola to Rs448,336.
The price of 10 grams of gold also decreased by Rs4,801 to Rs384,375.
Silver prices also declined in the local market. The price of silver fell by Rs171 per tola to Rs6,837, while the price of 10 grams decreased by Rs147 to Rs5,081.
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.
