KARACHI: Gold prices in Pakistan declined sharply on Wednesday, with the price of 24-karat gold falling by Rs3,400 per tola, according to the All Pakistan Gems and Jewellers Association.
The price of gold dropped to Rs427,436 per tola, while the price of 10 grams decreased by Rs2,915 to Rs366,457.
In the international market, gold prices fell by $34 per ounce to $4,049.
Meanwhile, silver prices in Pakistan moved in the opposite direction, rising by Rs45 per tola to Rs5,768, the association said.
Gold is traditionally considered a safe-haven investment, with demand often increasing during periods of inflation, political uncertainty and economic instability.
The precious metal has been used as a store of wealth and a form of currency for centuries. Investors often turn to gold when uncertainty surrounding other asset classes increases.
Pakistan had earlier revised its gold pricing mechanism, setting the domestic rate at $20 per ounce above the international market price.
