Gold prices in Pakistan fell sharply on Friday, dropping by Rs5,100 per tola, according to the All Pakistan Gems and Jewellers Association.
Following the latest reduction, the price of gold declined to Rs420,536 per tola.
The price of 10 grams of gold also decreased by Rs4,373, bringing it down to Rs360,541.
International Gold Prices Also Decline
Gold prices in the international market recorded a decline of $51 per ounce, falling to $3,980.
The downward trend in international prices contributed to the latest reduction in Pakistan’s domestic gold market.
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Meanwhile, silver prices also fell locally. The price of silver dropped by Rs238 per tola, reaching Rs5,530.
Gold’s Role as a Safe-Haven Investment
Investors traditionally consider gold a safe-haven asset, with demand often rising during periods of inflation, political uncertainty and economic instability.
The precious metal has historically served as a store of wealth, attracting investors when confidence in other asset classes weakens.
Pakistan’s Gold Pricing Mechanism
Pakistan has also revised its gold pricing mechanism. Under the revised system, domestic gold prices are set at $20 per ounce above the international market rate.
The latest decline reflects movements in both international gold prices and the local market.
