Gold prices have taken a sharp decline both internationally and in Pakistan after reaching record highs over the past few days.
On the global stage, gold fell by $116 per ounce, settling at $3,338, easing from recent peaks fueled by geopolitical tensions and increased demand from cautious investors.
This global pullback quickly reflected in the local market as well. In Pakistan, the price per tola dropped by Rs11,700, bringing it down to Rs352,000.
Similarly, the price for 10 grams of gold decreased by Rs10,031, now standing at Rs301,783, according to local traders.
Market dealers explained the drop as a result of profit-taking by investors, following a period of strong buying interest amid fluctuating market trends.
Earlier, the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported that the price of 24-karat gold had climbed by Rs5,900 per tola, reaching a record Rs363,700. The rate for 10 grams had also jumped by Rs5,059 to Rs311,814.