Karachi: Gold prices in Pakistan edged lower on Thursday, ending a long spell of gains, though rates remained above the Rs500,000 per tola level.
According to the latest figures, the price of gold per tola fell by Rs800 to settle at Rs505,562 in the local market. The price of 10 grams of gold also declined by Rs686, closing at Rs433,437.
In the international market, gold prices dropped by $8, with the metal trading at $4,832 per ounce.
Why gold prices eased
Market experts say the slight dip came as geopolitical tensions eased after US President Donald Trump softened his stance on new trade tariffs and stepped back from earlier remarks about taking control of Greenland by force.
A day earlier, Trump unexpectedly withdrew his previous threats of imposing tariffs as part of efforts to acquire Greenland. He ruled out the use of force and indicated that a solution regarding the Danish territory was near, reducing the risk of a major transatlantic dispute.
Silver prices
Silver prices also declined in the domestic market, with the per tola rate dropping by Rs30 to Rs9,903.
Record surge earlier
According to the Sarafa Association, gold prices crossed the Rs500,000 per tola mark for the first time in Pakistan’s history on Wednesday. The price jumped by a massive Rs12,700 to settle at Rs506,362.
At the same time, the price of 10 grams of gold rose by Rs10,888, reaching a record high of Rs434,123.
In the global bullion market, gold prices climbed to $4,780 per ounce after gaining $127 in the previous session.