Gold prices record sharp decline in Pakistan

The association said the price of 10 grams of gold dropped by Rs. 9,360 to Rs.368,985.

KARACHI: Gold prices in Pakistan recorded a sharp decline on Tuesday after a prolonged upward trend, with the price of 24-karat gold falling by Rs.10,100 per tola to Rs. 432,236, according to the All Pakistan Sarafa Gems and Jewelers Association.

The association said the price of 10 grams of gold dropped by Rs. 9,360 to Rs.368,985.

The decline mirrored losses in international markets, where gold prices fell by $104 per ounce to $4,098.

Silver prices also moved lower. The price of silver decreased by Rs.487 per tola to Rs. 6,664, the association said.

Gold is traditionally regarded as a safe-haven investment, with demand often rising during periods of inflation and political or economic uncertainty. Investors typically turn to the precious metal when confidence in other asset classes weakens.

Pakistan revised its gold pricing mechanism last year, setting domestic prices at $20 per ounce above international market rates.