After increasing in the previous seven sessions, gold prices in Pakistan declined on Thursday in line with their decrease in international rates. In the local market, the price of gold per tola decreased by Rs2,300, clocking in at Rs283,100.

Similarly, 10-gram gold was sold at Rs242,713 after it recorded a decrease of Rs1,971, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Wednesday, gold price had increased by Rs2,000 to settle at a record high level of Rs285,400.

Meanwhile, the international rate of gold decreased on Thursday. As per APGJSA, the rate was at $2,734 per ounce (with a premium of $20) and was down by $23 during the day.

Silver prices remained stable at Rs3,350 per tola.

Gold prices have surged to record highs in recent weeks, as conflicts in the Middle East and uncertainty surrounding the upcoming US election spurred demand for safe-haven assets.

Bullion is considered a hedge against economic and geopolitical uncertainties.