The gold price in Pakistan experienced a significant decline of more than Rs2,000 per tola following the appreciation of the local currency against the US dollar in the interbank market.

According to the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) on Wednesday, the price of 24-carat gold witnessed a decrease of Rs2,400 per tola and Rs2,058 per 10 grammes, settling at Rs222,100 and Rs190,415, respectively.

Conversely, the international market recorded a $12 increase in the price of gold, bringing it to $1,972.

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The fluctuating gold rate in Pakistan can be attributed to ongoing political and economic uncertainties and high inflation, prompting individuals to seek gold as a safe investment and hedge during such times.

As per the data provided by the association, the price of silver remained constant at Rs2,750 per tola and Rs2,357.68 per 10 grammes.

In parallel, the local currency demonstrated a positive trend against the US dollar in the interbank market today, appreciating by Rs1.48 or 0.52 per cent. The State Bank of Pakistan (SBP) reported that the rupee closed at Rs287.04 against the dollar.