KARACHI: Gold prices fell in both global and local markets on Wednesday, with international prices declining by $31 per ounce and domestic prices dropping by Rs3,100 per tola.
In the international bullion market, gold fell $31 to $4,119 per ounce.
Following the decline in global prices, gold in local Sarafa markets fell by Rs3,100 per tola to Rs434,436.
The price of 10 grams of gold decreased by Rs2,658 to Rs372,458.
Silver prices also declined in global and local markets. International silver fell $1 per ounce to $60.10.
In the domestic market, the price of silver decreased by Rs100 per tola to Rs6,488, while the price of 10 grams fell by Rs86 to Rs5,562.
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 and silver prices declined in Pakistan and the international market on Saturday, according to the All Pakistan Gems and Jewellers Association.
The price of gold fell by Rs4,300 per tola to Rs436,336.
The price of 10 grams of gold decreased by Rs3,687 to Rs374,087, while the international price of gold fell $43 per ounce to $4,138.
The price of silver also declined by Rs56 per tola to Rs6,522 in the domestic market.
