Gold prices saw a decline in both international and local markets on Thursday. In the global bullion market, the price of gold per ounce dropped by $9, settling at $2,859.
Locally, gold prices also experienced a dip. The rate for one tola of gold fell by Rs900, bringing it down to Rs298,700. Similarly, the price of 10 grams of gold decreased by Rs772, now standing at Rs256,087.
The drop in gold prices comes during continuing fluctuations in global market conditions, which have influenced the value of gold across different regions.
Previously, gold prices in Pakistan had increased significantly, with per tola rates rising by Rs5,300 to reach an all-time high of Rs299,600, as reported by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The sharp rise in gold prices was mainly driven by concerns over a possible new trade war. Tensions escalated after Beijing imposed tariffs on US imports in response to new American duties on Chinese goods.
Additionally, “Trump’s statement about the US ‘taking over’ the Gaza Strip” further fueled market uncertainty, prompting investors to turn to gold as a safe-haven asset.
