According to the All Pakistan Gems and Jewellers Sarafa Association, the price of 24-karat gold fell to Rs448,336 per tola, while the price of 10 grams of gold decreased by Rs4,800 to Rs384,175.
Gold prices also declined in the international market, where the price of gold fell by $56 per ounce to $4,258. The decline in global gold prices also affected the local bullion market in Pakistan.
Gold had previously declined by Rs1,800 on Wednesday, bringing the price to Rs453,936 per tola. On Tuesday, the price also fell by Rs1,800 to Rs455,736 per tola.
Gold prices in Pakistan have remained volatile throughout September. During the month, the price of gold per tola has remained between approximately Rs443,647 and Rs459,540.
Gold is traditionally considered an important investment asset, with its international price influenced by inflation, interest rates, economic conditions and changes in global financial markets. Investors often turn to gold during periods of economic uncertainty.
Pakistan has also changed the mechanism for determining local gold prices, under which the local market price is set at $20 per ounce above the international gold rate.
