Following record highs in previous sessions, gold rates witnessed a decrease in both local and international markets on Saturday. In Pakistan, the price per tola of gold stood at Rs246,500 after a single-day decline of Rs1,100.
According to data provided by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10 grams of gold was Rs211,334 after a decrease of Rs943.
Notably, on Tuesday, the price per tola of gold in Pakistan increased by Rs1,900.
The surge in demand for the safe-haven asset in the international market, fueled by central banks increasing their gold reserves and geopolitical tensions arising from conflicts such as the Ukraine and Gaza wars, had led to record highs. However, gold prices retreated on Wednesday as the US dollar and Treasury yields strengthened following a stronger-than-expected inflation report, tempering expectations of an early US rate cut.
According to APGJSA, the international rate of gold on Saturday was set at a record $2,364 per ounce (with a premium of $20), marking a decline of $11 in the international market.
Meanwhile, silver rates remained stable at Rs2,650 per tola.
