Days after the record-setting rise of the precious metal, gold prices in Pakistan continued to fall sharply on Saturday following a steep surge in recent weeks.
According to the All Pakistan Gems and Jewellers Association, the price of gold fell by Rs25,500 per tola, bringing it down to Rs511,862 per tola.
Similarly, the price of 10 grammes of gold declined by Rs21,862 to Rs438,839.
In the international market, gold prices dropped by $255 to $4,895 per ounce.
The decline follows a Rs35,500 drop recorded a day earlier.
With the latest slump, gold has fallen by a total of Rs61,000 per tola over the past two days.
Gold and silver prices dived globally with investors reassured by US President Donald Trump’s pick to take over as head of the Federal Reserve.
The precious metals, viewed as safe-haven investments, had already begun sliding on reports, later confirmed, that Trump had nominated former Fed official Kevin Warsh to replace Jerome Powell as chair of the US central bank.
Precious metals prices tumbled on Friday after surging in recent days when investors sought a safe haven over doubts about Trump’s policies.
Gold fell as much as 12% at one point, retreating below $5,000 an ounce after hitting a record high near $5,600 on Thursday.
Silver, which on Thursday reached an all-time peak above $120 an ounce, shed around 30% to about $82 an ounce.
