KARACHI: 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.
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, Security concerns in Pakistan’s southwestern Balochistan province are slowing development of the nearly $9 billion Reko Diq copper-and-gold project, with Canadian mining company Barrick extending its review of the project until mid-2027 and warning that costs and the timeline could rise.
The project, located in Chagai district near the borders with Iran and Afghanistan, is one of the world’s largest undeveloped copper-and-gold deposits. Barrick began reviewing the project in February after an increase in security incidents in Balochistan and has since reduced the pace of development while keeping the project under active management.
The review covers security arrangements, capital requirements, financing, project scope and the development schedule. Barrick said the worsening security situation in Pakistan and the wider region made it necessary to continue the review through mid-2027.
