KARACHI – Gold recorded a massive decline in domestic market of Pakistan on Saturday after it soared to historic high.
Data shared by All Pakistan Gems and Jewellers Association showed per tola gold price plunged by Rs4,700 to reach Rs301,500.
Similarly, the price of 10-gram decreased by Rs4,030 with new rate selling at Rs258,487.
The yellow commodity also registered sharp decline in international market where per ounce rate decreased by $50 to reach $2,883.
A day earlier, gold prices registered gains, reaching new all-time highs in both international and local markets.
The price of 24-karat gold rose by Rs2,200 per tola to an unprecedented Rs306,200. Similarly, the price of 10 grams of gold increased by Rs1,886, reaching Rs262,517.
According to reports, increasing investment in gold to protect assets from devaluation has led to uncertainty in the global precious metals market.
