On Friday, the price of gold in Pakistan witnessed a decline of Rs1,500 per tola, losing its luster due to a decrease in the international market.
The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) released data indicating that the price of 24-carat gold dropped by Rs1,500 per tola and Rs1,285 per 10 grammes, settling at Rs217,000 and Rs186,043, respectively.
Concurrently, the international market saw a $10 decrease, with the yellow metal settling at $1,919 per ounce.
Recent times have seen the gold rate in Pakistan fluctuate amidst ongoing political and economic uncertainty, as well as high inflation. Consequently, individuals tend to view this precious commodity as a secure investment and a hedge during such periods. The association’s data revealed that the price of silver remained unchanged at Rs2,550 per tola and Rs2,186.21 per 10 grammes.
Furthermore, the data highlighted that the cost of bullion in Pakistan is Rs4,000 per tola lower than the Dubai market, indicating that the Pakistani gold market currently offers more affordable prices than the global market.
In terms of foreign exchange, the Pakistani rupee maintained stability against the US dollar, experiencing a nominal increase of Rs0.01. The interbank market closed on Friday with the exchange rate at Rs286.74.
