Gold prices in Pakistan saw a massive decrease on Tuesday in line with their drop in the international rates. In the local market, the price of gold per tola lost Rs7,000, clocking in at Rs270,500.
Similarly, 10-gram gold was sold at Rs231,911 after it recorded a decrease of Rs6,000, according to rates shared by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA).
On Monday, gold price declined by Rs1,300 to settle at Rs277,500.
Meanwhile, the international rate of gold decreased on Tuesday. As per APGJSA, the rate was $2,593 per ounce (with a premium of $20) and was down by $77 during the day.
Silver prices also declined by Rs50 to settle at Rs3,250 per tola.
Last month, gold hit an all-time high of Rs287,900 per tola in Pakistan.
Gold prices have surged to record highs in recent weeks, as conflicts in the Middle East and uncertainty surrounding the upcoming US election spurred demand for safe-haven assets.
Internationally, gold prices hovered near a one-month low on Tuesday, as investors awaited a set of key US economic data and comments from Federal Reserve officials for further clarity on the interest rate trajectory.
Bullion is considered a hedge against economic and geopolitical uncertainties.
American Dollar Exchange Rate