The price of 24-carat gold fell by Rs4,700 per tola in the local market bringing the new rate down to Rs301,500 per tola.
Meanwhile, the international bullion market saw a sudden decline of $50 per ounce on Saturday, bringing the new global price to $2,883 per ounce.
Similarly, the price of 10 grams of gold decreased by Rs4,030, settling at Rs258,487.
Earlier, gold prices in Pakistan increased by Rs2,200, reaching an all-time high of Rs306,200 in the local market on Friday.
Similarly, the price of 10-gram gold rose by Rs1,886, settling at Rs262,517, as per data from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Adnan Agar, Director of Interactive Commodities, noted that while gold prices saw an increase during the day, the market experienced a slight dip towards the end of the session. He highlighted that gold has been undergoing minor corrections of $50-$60, which could indicate a potential buildup for another upward movement.
Looking ahead, Agar pointed out that with the upcoming US bank holiday on Monday (Presidents' Day), market activity may remain subdued. However, if gold closes at its current level, further corrections of $30-$40 could be expected before the next price surge. The market will closely monitor these fluctuations to determine the next movement in gold prices.
"Gold set for seventh weekly gain as trade war risks lift demand," said JS Global's Technical Outlook report.
Gold was poised for its seventh straight weekly rise, driven by fears of a global trade war in the wake of US President Donald Trump's push for reciprocal tariffs, although profit-taking sent prices lower on Friday, said Reuters.
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