After hitting a record high in the previous session, gold prices in Pakistan declined on Thursday in line with their decrease in international rates. In the local market, the price of gold per tola lowered by Rs900, clocking in at Rs298,700.
Similarly, 10-gram gold was sold at Rs256,087 after it recorded a decrease of Rs772, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On Wednesday, gold price per tola in Pakistan gained a massive Rs5,300 to clock in at a record Rs299,600, as investors flocked to the safe-haven asset amid a tariff war between the United States and China.
Meanwhile, the international rate of gold decreased on Thursday. As per APGJSA, the rate was at $2,859 per ounce (with premium of $20) and was down by $9 during the day.
Gold is considered a safe investment during economic and geopolitical turmoil, but higher interest rates reduce the non-yielding asset’s appeal.
Meanwhile, silver prices decreased by Rs23 to settle at Rs3,327 per tola.
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