KARACHI: Gold prices recorded a decline across Pakistan on Saturday, with the price of one tola falling by Rs. 3,700, according to the All Pakistan Gems and Jewellers Association.
The association said the price of gold dropped to Rs.426,736 per tola after the latest decrease.
The price of 10 grams of gold also decreased by Rs.31,202, settling at Rs. 365,857, according to the jewellers’ body.
Meanwhile, in the international market, gold prices fell by $37 per ounce, reaching $4,043 per ounce.
Meanwhile, on the last trading day of the business week, international silver prices declined by 57 cents per ounce to settle at $57.58 per ounce.
Following the global market trend, silver prices in local bullion markets also recorded mixed movement. The price of one tola silver increased by Rs57, reaching Rs6,237, while the price of 10 grams of silver decreased by Rs49 to Rs5,347, according to market data.
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 rates drop sharply as global prices decline
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.
