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Gold prices in Pakistan slid to Rs306,300 per tola (11.7 grammes) after a Rs2,400 decline on Wednesday, while silver fell Rs36 to Rs3,314 per tola, according to data from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Meanwhile, the price for 10 grammes of the yellow metal dropped by Rs2,058 to Rs262,602, whereas the same amount of silver lost Rs31 to settle at Rs2,841.
In the international market, the bullion held steady following a 2% decline in the previous session, while investors focused on US President Donald Trump's tariff plans, which have raised concerns about a trade war.
Spot gold was little changed at $2,912.69 an ounce, by 1120 GMT, after hitting a more than one-week low on Tuesday.
Trump's trade policies, seen as inflationary and with potential to spark tiffs with trade partners, saw safe-haven gold hitting a record high of $2,956.15 on Monday.
The demand of gold including over-the-counter (OTC) trading rose by 1% to a record high of 4,974.5 metric tons in 2024 as investment increased, the World Gold Council (WGC) said earlier this month, adding that central banks sped up buying in the fourth quarter.
Central banks, a major source of gold demand, bought more than 1,000 tons of the metal for the third year in a row in 2024.
In the final quarter of 2024, when Trump won the US election, buying by central banks accelerated by 54% year on year to 333 tons, the WGC calculated, based on reported purchases and an estimate of unreported buying.
Total gold demand, excluding opaque OTC trading, rose 1% to 4,553.7 tons last year, the highest since 2022, the WGC said. It estimates that OTC demand fell 7% due to a slump in the final quarter of the year as profit-taking offset persistent demand from high-net-worth investors.
Gold jewellery consumption, the biggest category of physical demand, fell 11% in 2024, while mine production was steady and recycling rose 15%.
The WGC expects jewellery demand to remain under pressure and recycling to rise further this year due to high prices.
