KARACHI: Gold prices fell sharply across Pakistan on Monday, tracking a decline in international bullion markets, according to the Pakistan Gems and Jewellers Association.
The association said the price of 24-karat gold dropped by Rs3,800 per tola, bringing the new rate to Rs429,736 per tola.
The price of 10 grams of gold also declined by Rs3,258, settling at Rs368,429.
In the international market, gold prices fell by $38 per ounce, with bullion trading at $4,073 per ounce, contributing to the downward trend in domestic prices.
Additionally, silver prices also declined in the domestic market. The price of silver per tola fell by Rs123 to Rs6,339, while the price of 10 grams of silver decreased by Rs106, settling at Rs5,434, according to the Pakistan Gems and Jewellers Association.
Gold has traditionally been regarded as a safe-haven investment, with its value often rising during periods of inflation, political uncertainty and economic instability.
For centuries, gold has served as both a form of currency and a store of wealth. Investors frequently turn to the precious metal when confidence in other asset classes weakens or financial markets become volatile.
Last year, Pakistan revised its gold pricing mechanism, under which domestic gold prices are now calculated at $20 per ounce above the international market rate.
More read, Gold prices surge in Pakistan as global rates climb
Earlier, Gold prices rose sharply in Pakistan, tracking gains in the international bullion market.
According to local bullion market data, the price of one tola of gold increased by Rs3,600, taking it to Rs433,836.
The price of 10 grams of gold climbed by Rs3,086 to Rs371,944.
In the international market, gold gained $36 per ounce, pushing the price to $4,113 per ounce, which supported the rise in domestic bullion prices.
