Gold and silver prices dropped on Thursday in both international and domestic markets after reaching all-time highs in Pakistan.
In the international bullion market, the price of gold fell by $36 per ounce to settle at $3,618. The decline pulled local prices lower as well, with 24-carat gold slipping by Rs4,100 per tola to Rs384,000. The price of 10 grams also dropped by Rs3,515 to Rs329,218.
Silver mirrored the trend. The price per tola fell by Rs36 to Rs4,326, while 10 grams eased by Rs32 to Rs3,736.
Bullion dealers attributed the decline to international market corrections and said local demand remains subdued amid price volatility.
A day earlier, gold prices in Pakistan continued their upward march and reached an all-time high as investors flocked to the safe-haven asset.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold per tola surged by Rs4,100 to reach a record Rs388,100. Similarly, the rate of 10 grams rose by Rs3,514, hitting a peak of Rs332,733.
On Monday, the precious metal had already reached a record Rs384,000 per tola after gaining Rs6,100 in a single day.
Internationally, gold prices continued their record-setting rally as mounting expectations of a September U.S. interest rate cut pressured the dollar and Treasury yields, while investors awaited key U.S. inflation data later in the week.
Spot gold was up 0.7% at $3,661.09 per ounce as of 9:33 a.m. ET (1333 GMT), after hitting a record $3,666.38 earlier in the session. U.S. gold futures for December delivery rose 0.7% to $3,701.40.
Market analysts said persistent global uncertainty and policy expectations are likely to keep safe-haven demand for gold elevated in the near term.
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