A day after hitting a record high, gold prices in Pakistan declined on Saturday, in line with their decrease in international rates. In the local market, gold price per tola lost Rs1,046 to reach Rs299,000.
Similarly, 10-gram gold was sold at Rs256,344 after it recorded a decrease of Rs897, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The international rate of gold lowered on Saturday. As per APGJSA, the rate was at $2,861 per ounce (with a premium of $20) and was down by $8 during the day.
On Friday, gold price per tola in Pakistan increased by Rs1,346 to clock in at Rs300,046 for the first time in history.
In recent weeks, gold prices have soared as trade war concerns fuelled safe-haven buying ahead of the key US payrolls report.
US President Donald Trump ordered sweeping tariffs on goods from Mexico, Canada and China, demanding they stanch the flow of fentanyl – and illegal immigrants in the case of Canada and Mexico – into the United States, kicking off a trade war that could dent global growth and reignite inflation.
Silver price decreased by Rs48 to clock in at Rs3,330 per tola.
American Dollar Exchange Rate