KARACHI: Gold prices declined in global and local markets on Thursday, while silver rates increased.
In the international bullion market, gold prices fell by $35 per ounce, bringing the new price to $4,605 per ounce.
Following the trend in the international market, gold prices in local bullion markets fell by Rs. 3,500 per tola on the fourth trading day of the week.
The price of gold stood at Rs. 483,036 per tola after the latest decline.
The price of 10 grams of gold decreased by Rs. 3,001 to Rs. 414,125.
In contrast, silver prices rose in the local market.
The price of silver increased by Rs. 50 per tola to Rs. 7,329, while the price of 10 grams of silver rose by Rs. 43 to Rs. 6,283.
The latest movements in precious metal prices were largely influenced by changes in international bullion markets.
Gold has traditionally been regarded as a safe-haven investment, with its value typically rising during periods of inflation, political uncertainty and economic instability.
For centuries, gold has served as both a store of wealth and a form of currency. Investors often turn to the precious metal when confidence in other asset classes weakens, making it a preferred hedge against market volatility.
More read, Gold price jumps Rs15,100 in three trading days
Last year, Pakistan revised its mechanism for determining domestic gold prices. Under the new formula, the local gold price is set at $20 per ounce above the prevailing international market rate, reflecting adjustments made by the country’s bullion pricing system.
