Gold prices in Pakistan recorded a sharp decline on Wednesday, with the rate of 24-karat gold falling by Rs3,400 per tola, according to the All Pakistan Gems and Jewellers Association.
The price of gold dropped to Rs427,436 per tola, while the rate for 10 grams decreased by Rs2,915 to Rs366,457.
In the international market, gold prices fell by $34 per ounce to $4,049.
Meanwhile, silver prices moved in the opposite direction in Pakistan, rising by Rs45 per tola to Rs5,768, the association said.
Gold is traditionally regarded as a safe-haven investment. Investors often turn to the precious metal during periods of inflation, political uncertainty and economic instability.
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For centuries, gold has served as a store of wealth and a form of currency. Demand for the metal often increases when uncertainty surrounding other investment options grows.
Pakistan had earlier revised its gold pricing mechanism, setting the domestic rate at a premium of $20 per ounce over the international market price.
