KARACHI – Gold prices in Pakistan have experienced a slight decline, breaking a long-running streak of increases, although they still remain above the Rs500,000 mark per tola.
Latest data showed per tola gold price dropped by Rs800 as it closed at Rs505,562 in local market. The price of 10-gram fell to Rs433,437 after it recorded a dip of Rs686.
In international market, the price of precious commodity dropped by $8 as the latest rate hovers at $4,832 per ounce.
Reasons Behind Drop in Gold Prices
Experts have attributed the slight decline in gold prices to easing geopolitical tensions after US President Donald Trump stepped back from new tariff threats and proposals to annex Greenland by force.
A day earlier, Trump unexpectedly backed away from his earlier threats to impose tariffs in an attempt to acquire Greenland. He dismissed the possibility of using force and hinted that a resolution to the dispute over the Danish territory was close, potentially averting a major rift in transatlantic relations.
Silver Prices in Pakistan
Silver prices also witnessed downward trend in local market with per tola rate dropping by Rs30 to reach Rs9,903 in Pakistan.
Historic Surge in Previous Sessions
According to Sarafa association, the price of per tola gold moved past the Rs500,000 mark for first time in history in Pakistan on Wednesday. The new rate settled at Rs506,362 after registering an increase of whooping Rs12,700.
Similarly, the price of 10-gram gold surged by Rs10,888, taking the new rate to all-time high of Rs434,123.
In global bullion market, the per ounce price of gold has climbed to $4,780 after witnessing an increase of $127.
