KARACHI: Gold and silver prices recorded a decline in both domestic and international markets on Thursday, snapping a seven-session upward trend.
In the global bullion market, gold per ounce slipped by $7 to settle at $5,178. Spot gold, however, was trading 0.4% higher at $5,190.01 per ounce by 0816 GMT after touching a more than three-week high earlier this week. US gold futures for April delivery edged down 0.4% to $5,206.80.
Domestically, gold prices followed the downward movement. The rate of 24-karat gold per tola dropped by Rs700 to Rs540,562, while the price of 10 grams declined by Rs600 to Rs463,444.
Silver prices also moved lower. The per tola rate decreased by Rs350 to Rs9,204, and the price of 10 grams fell by Rs301 to Rs7,890. In international trading, spot silver declined 1.4% to $88.18 per ounce. Meanwhile, platinum gained 0.9% to $2,308.11 per ounce and palladium rose 0.3% to $1,800.14.
Earlier in the week, precious metals had surged amid safe-haven demand driven by renewed tariff concerns and geopolitical tensions between the United States and Iran. Gold previously reached a record high of $5,594.82 on January 29 and has gained around 20% so far this year.
According to the All-Pakistan Gems and Jewellers Sarafa Association, gold per tola had climbed to Rs541,262 on Wednesday after gaining Rs1,300, while 10 grams rose to Rs464,044. A day earlier, prices had jumped by Rs3,400 per tola, reflecting sustained investor interest in precious metals.
Silver had also posted gains in the previous session, rising to Rs9,554 per tola before Thursday’s correction.
