Gold prices saw a sharp decline both globally and in Pakistan, following a sustained rally that drove the precious metal to record levels in recent days.
In the international bullion market, the price of gold dropped by $116 per ounce to settle at $3,338, reversing part of the recent surge driven by geopolitical tensions and safe-haven buying.
The domestic market swiftly mirrored the downturn.
The price of gold in Pakistan fell by Rs11,700 per tola, bringing the rate down to Rs352,000.
The price of 10 grams dropped by Rs10,031 to Rs301,783, according to data released by local traders.
Dealers attributed the decline to increased selling pressure following multiple sessions of heightened buying activity, with many investors opting to take profit amid volatile trends.
Previously, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold surged by Rs5,900 per tola, reaching a historic high of Rs363,700 in the local market.
The price of 10 grams of gold also jumped significantly, climbing Rs5,059 to settle at Rs311,814.
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