Gold prices in Pakistan fall on US debt limit deal optimism

Karachi: Gold prices experienced a decline in the international market, subsequently impacting Pakistan, as optimism grew regarding a potential US debt limit deal on Friday.

According to data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) dropped by Rs1,000 per tola and Rs857 per 10 grams, reaching Rs232,600 and Rs199,417, respectively.

This decrease in gold prices can be attributed to recent international developments and a decrease in nationwide unrest following the release of Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan.

The APSGJA also highlighted that local gold prices in Pakistan are currently Rs5,000 higher per tola compared to the Dubai bullion market, indicating that the Pakistani gold market is relatively more expensive than the global market.

Furthermore, data shared by the association revealed a decline in the price of silver, with a decrease of Rs50 per tola and Rs42.87 per 10 grams, settling at Rs2,850 and Rs2,443.41, respectively.