Gold prices in Pakistan decline as local currency weakens against US dollar

Karachi: Gold prices in Pakistan experienced a decline at the start of the week, following a decrease in the value of the local currency against the US dollar on Monday.

The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) released data showing that the price of gold (24 carats) decreased by Rs1,750 per tola and Rs1,500 per 10 grams, settling at Rs225,500 and Rs177,219 respectively.

Conversely, the price of gold increased by $2 in the international market, closing at $1,963 per ounce.

During the week ending on June 10, the overall prices of gold fell by Rs5,450. The volatility in gold rates in Pakistan can be attributed to ongoing political and economic uncertainty, high inflation, and currency depreciation. In times of such instability, individuals often turn to gold as a safe investment and hedge against risk.