Gold prices slide to Rs439,762 per tola after Rs3,300 fall

In the local market, after a slight decline on November 13, gold prices reduced by Rs3,300. On Thursday, the yellow metal's rate recorded a major jump of Rs8,000.

The price of 24k gold per tola was recorded at Rs439,762 on Friday after the decline. An additional decrease of Rs2,829 pushed the price of 10 grams of gold to Rs377,025, according to the All Pakistan Gems and Jewellers Association.

In the international market, gold prices moved downward by $33 per ounce, settling at $4,174.

On Thursday, International gold prices rose by $83 per ounce, reaching $4,207 in the global bullion market.

Silver prices also saw an increase of Rs228, reaching Rs5,662 per tola. The price of 10 grams of silver increased by Rs196 (up from yesterday’s Rs4,658) to Rs4,854.

The rise in gold prices is fueled by global economic instability, geopolitical tensions, and inflation, which boost gold's appeal as a safe haven investment.

Additional factors contributing to the increase include central bank purchases, a weaker US dollar, and higher demand from the jewelry and technology industries.