Gold prices in Pakistan declined on Friday after gaining a day earlier, according to the All Pakistan Gems and Jewellers Association.
The price of gold fell by Rs6,500 per tola, bringing the new rate to Rs429,136.
Similarly, the price of 10 grams of gold decreased by Rs5,573 to Rs367,914.
International Gold and Silver Rates Decline
Gold prices also moved lower in the international market, falling by $65 to $4,066 per ounce.
Silver prices followed the downward trend. The international price of silver dropped by 85 cents per ounce to $52.
In local markets, silver prices decreased by Rs85 per tola to Rs5,678. The price of 10 grams of silver also fell by Rs73 to Rs4,867.
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The decline in domestic silver prices reflected the downward movement in international rates.
Pakistan’s Gold Pricing Mechanism
Gold has traditionally served as a safe-haven investment. Investors often turn to the precious metal during periods of inflation and political or economic uncertainty.
For centuries, gold has also served as a form of currency and a store of wealth.
Pakistan has revised its gold pricing mechanism, under which local gold prices are set at a premium of $20 per ounce above international market rates.
