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Gold prices in Pakistan saw a decline on Saturday, following a record high just a day earlier. The local market saw the price of gold per tola fall by Rs1,046, bringing it down to Rs299,000.
The price for 10 grams of gold dropped by Rs897, settling at Rs256,344, the All-Pakistan Gems and Jewellers Sarafa Association said.
Silver price decreased by Rs48 to clock in at Rs3,330 per tola.
This decrease in gold prices coincided with a drop in international gold rates, which were reported at $2,861 per ounce (with a $20 premium), marking an $8 decline throughout the day.
On Friday, gold prices surged, with per tola prices rising by Rs1,346 to reach Rs300,046 for the first time in history. The recent fluctuations highlight the volatility in gold prices, influenced by both local and global market dynamics.
In recent weeks, gold prices have soared as trade war concerns fuelled safe-haven buying ahead of the key US payrolls report.
US President Donald Trump ordered sweeping tariffs on goods from Mexico, Canada, and China, demanding they stanch the flow of fentanyl – and illegal immigrants in the case of Canada and Mexico – into the United States, kicking off a trade war that could dent global growth and reignite inflation.
