After a brief rise in the previous session, gold prices in Pakistan witnessed a decline on Thursday, following a drop in international rates.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola fell by Rs1,100, bringing the new rate to Rs274,400.
Similarly, the price of 10 grams of gold decreased by Rs943, closing at Rs235,254. This follows an increase of Rs600 in the previous session when the price settled at Rs275,500 per tola.
Internationally, gold prices also softened, with the metal trading at $2,642 per ounce, down by $11 during the day. The global rate included a $20 premium, as shared by the APGJSA. Despite the decline, silver prices in the local market remained steady at Rs3,050 per tola.
Last week, gold prices in Pakistan hit a record high of Rs277,000 per tola amid heightened demand and fluctuations in international markets.
In global markets, gold traded within a narrow range as traders awaited critical U.S. economic data that could signal the Federal Reserve's next move regarding interest rate cuts.
Spot gold remained steady at $2,655.03 per ounce as of 0333 GMT, after reaching an all-time high of $2,685.42 on September 26. Meanwhile, U.S. gold futures edged up 0.2% to $2,675.40 per ounce.
