Gold price in Pakistan experiences decline in line with international market

Karachi: The gold price in Pakistan witnessed a decrease during the past week, aligning with developments in the global market.

Data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) indicated that the price of gold (24 carats) dropped by Rs2,050 per tola and Rs1,758 per 10 grams, reaching Rs227,250 and Rs194,830, respectively.

In the international market, the price of gold experienced a decline of $4, settling at $1,961 per ounce. As a result, the domestic market also witnessed a reduction in gold rates.

Overall, the prices of gold have seen a cumulative decrease of Rs5,450 during the week ending on June 10.

The volatility of gold rates in Pakistan can be attributed to ongoing political and economic uncertainties, high inflation, and currency depreciation. During such times, individuals often turn to gold as a safe investment and a hedge against market fluctuations.