KARACHI: Gold and silver prices recorded a sharp decline in Pakistan on Thursday, with the price of gold falling by Rs10,900 per tola, according to the All Pakistan Gems and Jewellers Association.
Following the decline, the price of gold dropped to Rs416,536 per tola.
In the international market, gold prices fell by $109 per ounce to $3,940.
Meanwhile, the price of silver declined by Rs190 per tola to Rs5,578, while the price of 10 grams of silver fell by Rs163 to Rs4,782.
Gold is traditionally considered a safe-haven investment, with demand often increasing during periods of inflation, political uncertainty and economic instability.
The precious metal has been used as a form of currency and wealth for centuries. Investors often turn to gold when uncertainty surrounds other asset classes.
Pakistan has also revised its gold price calculation mechanism, under which domestic rates are set at a premium of $20 per ounce over international market prices.
Earlier, Gold prices in Pakistan declined sharply on Wednesday, with the price of 24-karat gold falling by Rs3,400 per tola, according to the All Pakistan Gems and Jewellers Association.
The price of gold dropped to Rs427,436 per tola, while the price of 10 grams decreased by Rs2,915 to Rs366,457.
In the international market, gold prices fell by $34 per ounce to $4,049.
Meanwhile, silver prices in Pakistan moved in the opposite direction, rising by Rs45 per tola to Rs5,768, the association said.
