KARACHI: Gold and silver prices declined further in international and local markets, with the price of gold falling by Rs4,900 per tola in Pakistan.
The gold prices in the international bullion market dropped by $49 per ounce to $3,891.
Following the decline in international prices, the domestic market also recorded a significant reduction.
The price of gold per tola fell by Rs4,900 to Rs411,636, while the price of 10 grams decreased by Rs4,201 to Rs352,911.
Meanwhile, silver prices also declined in the local market.
The price of silver per tola dropped by Rs111 to Rs5,467, while the price of 10 grams decreased by Rs95 to Rs4,687.
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.
