Gold prices go down for second consecutive day in Pakistan

Karachi: Gold prices in Pakistan went down for the second consecutive day on Friday, in line with changes in the international market.

The data shared by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of 24-carat gold dropped by Rs6,500 per tola and Rs5,573 per 10 grams, settling at Rs230,800 and Rs197,874, respectively.

This decline comes after the yellow metal's value reached a record high on May 10 after political uncertainty following protests against arrest of Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan.

Analysts have predicted that the international gold rate would continue to fluctuate throughout May due to uncertainty surrounding the United States' debt ceiling, which is yet to be raised by Congress.

The gold prices in Pakistan have been reaching new highs almost every other day due to various factors, including economic and political turmoil, high inflation, and currency depreciation. During such times, people often prefer to buy gold as a safe investment and hedge against uncertainty.

The international gold rate decreased by $33, settling at $2,005 per ounce.