Gold prices decline in Pakistan for second consecutive day

Karachi: Gold prices in Pakistan experienced a consecutive decline for the second day on Tuesday, despite an international increase in rates.

According to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold dropped by Rs1,700 per tola and Rs1,458 per 10 grams, reaching Rs232,800 and Rs199,588, respectively.

Last week, gold rates had witnessed a cumulative decrease of Rs1,100 per tola, followed by an additional decline of Rs1,700 on the first day of this week.

The fluctuating gold rates in Pakistan can be attributed to ongoing political and economic uncertainties, high inflation, and currency depreciation. During such times, individuals tend to invest in gold as a safe haven and a hedge against market volatility.

In the interbank market, the Pakistani rupee gained Re0.07 or 0.02% against the US dollar, closing at Rs285.35, as per data from the State Bank of Pakistan.

Data shared by the jewellers' association indicated that the silver rate remained unchanged at Rs2,850 per tola and Rs2,443.41 per 20 grams.