In line with the reduction in international rates, the per tola gold price in Pakistan experienced a significant decline of Rs1,800 on Wednesday. This marks the fourth consecutive day of falling prices for the precious metal.
The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) released data indicating that the price of 24-carat gold decreased by Rs1,800 per tola and Rs1,543 per 10 grammes, settling at Rs218,700 and Rs187,500, respectively.
Internationally, the price of gold plummeted by $17, reaching $1,934 per ounce in today’s market. Pakistan’s gold rate has exhibited volatility in recent times, largely due to ongoing political and economic uncertainty, high inflation, and currency depreciation. Amid such fluctuations, individuals often turn to gold as a safe investment and a hedge against market instability.
While gold prices experienced a notable decline, the price of silver saw only nominal losses. Data shared by the APSGJA revealed that the price of silver fell by Rs50 per tola and Rs42.87 per 10 grammes, settling at Rs2,550 and Rs2,186.21, respectively.
In other market developments, the local currency made nominal gains against the dollar, increasing by Rs0.24 or 0.08 per cent. The interbank market witnessed the closing exchange rate of Rs286.98 on Tuesday.
The recent downward trend in gold prices in Pakistan reflects the influence of international market conditions. Despite these fluctuations, gold remains a sought-after investment during times of economic and political uncertainty, providing individuals with a secure and reliable asset.
