KARACHI: Gold prices in Pakistan recorded a sharp decline on Tuesday after a prolonged upward trend, with the price of 24-karat gold falling by Rs.10,100 per tola to Rs. 432,236, according to the All Pakistan Sarafa Gems and Jewelers Association.
The association said the price of 10 grams of gold dropped by Rs. 9,360 to Rs.368,985.
The decline mirrored losses in international markets, where gold prices fell by $104 per ounce to $4,098.
Silver prices also moved lower. The price of silver decreased by Rs.487 per tola to Rs. 6,664, the association said.
Gold is traditionally regarded as a safe-haven investment, with demand often rising during periods of inflation and political or economic uncertainty. Investors typically turn to the precious metal when confidence in other asset classes weakens.
Pakistan revised its gold pricing mechanism last year, setting domestic prices at $20 per ounce above international market rates.
More read, Pakistan’s gold rate jumps to Rs. 442,636 per tola
Earlier, Gold prices in Pakistan soared to an all-time high after a sharp rise in international bullion markets, pushing the precious metal further out of reach for many consumers.
According to the All Pakistan Sarafa Gems and Jewelers Association, the price of gold rose by a record Rs. 4,643 per tola, bringing the rate to Rs. 442,636, the highest level ever recorded in the country.
The price of 10 grams of gold increased by Rs. 4,179 rupees to Rs. 378,345 rupees.
The rally followed gains in global markets, where spot gold climbed by $46 per ounce to close at a record $4,202 an ounce, dealers said.
