Gold Prices Decline Following International Trends
A day after hitting an all-time high, gold price in Pakistan saw a decline on Saturday, following a downward trend in International markets.
In the local market, the price of gold per tola dropped by Rs1,046, bringing it down to Rs299,000. Similarly, the rate for 10-gram gold fell by Rs897, settling at Rs256,344, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Global Gold Prices Also See a Drop
The international gold market also experienced a decrease. As per APGJSA, the global price of gold stood at $2,861 per ounce (including a $20 premium), reflecting an $8 decline for the day.
Gold Prices Reached a Historic Peak
Just a day earlier, on Friday, gold prices in Pakistan surged to an unprecedented level. The price per tola jumped by Rs1,346, reaching a historic Rs300,046 for the first time ever.
Factors Driving Gold Price Fluctuations
Gold prices have been highly volatile in recent weeks, driven by global economic concerns and safe-haven buying. Investors turned to gold amid fears of a global trade war, ahead of a crucial US payroll report.
The situation escalated after US President Donald Trump imposed tariffs on goods from Mexico, Canada, and China. His administration demanded stricter measures to curb fentanyl trafficking and illegal immigration from Canada and Mexico, triggering tensions that could slow global economic growth and increase inflation risks.
Silver Prices Also Decline
Alongside gold, silver prices in Pakistan also saw a decrease. The price per tola of silver dropped by Rs48, bringing it down to Rs3,330.
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