According to the All Pakistan Gems and Jewellers Association, the price of gold dropped to Rs429,136 per tola in the local market.
Similarly, the price of 10 grams of gold decreased by Rs5,573 to reach Rs367,914. The decline came after gold and silver prices fell in the international market. In the global bullion market, gold prices dropped by $65 per ounce to reach $4,066.
Silver prices also recorded a decline in the local market. The price of 24-karat silver fell by Rs85 per tola to Rs5,678, while the price of 10 grams decreased by Rs73 to Rs4,867.
In the international market, silver prices declined by 85 cents per ounce to reach $52. The latest decline followed two consecutive days of increases in local gold prices.
On November 5, gold prices had increased by Rs8,230 per tola, taking the rate to Rs435,636. The price of 10 grams also rose by Rs9,600 to Rs373,487.
A day earlier, on November 4, gold prices had surged by Rs13,900 per tola, while the price of 10 grams increased by Rs11,917.
On November 3, gold prices remained unchanged after experiencing fluctuations in the preceding days.
Meanwhile, on November 2, the price of gold had increased by Rs2,400 per tola to Rs412,136, while 10 grams of gold rose by Rs2,058 to Rs353,340.
Gold prices are influenced by several factors, including fluctuations in the US dollar, global economic uncertainty, geopolitical tensions and investor demand.
During periods of economic and political uncertainty, investors often turn to gold as a safe-haven asset, increasing demand and potentially pushing prices higher.
In Pakistan, international gold prices and the exchange rate between the Pakistani rupee and the US dollar also play a significant role in determining local market rates.
