Gold price in Pakistan continues downward trend in local markets

Karachi: The gold price in Pakistan on Tuesday continued its downward trend, influenced by the post-budget sentiment and the approaching cyclone Biparjoy, which resulted in a deserted market.

 The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) provided data indicating that the price of 24-carat gold dropped by Rs4,000 per tola and Rs3,430 per 10 grams, reaching Rs221,500 and Rs189,900, respectively.

In the international market, the price of gold experienced a decline of $2, settling at $1,961 per ounce today.

Over the course of the last two sessions, the prices of gold have cumulatively decreased by Rs5,750.

Comparatively, the price of gold in Pakistan is Rs4,000 per tola lower than the Dubai market.

Recent times have witnessed volatility in the gold rate in Pakistan due to ongoing political and economic uncertainties, high inflation, and currency depreciation. During such periods, individuals tend to view gold as a safe investment and a hedge, leading to increased demand.

The market observed a significant decline on Tuesday due to various factors, including international rates, depreciation of the dollar, the impact of cyclone Biparjoy, and unfavorable weather conditions that limited buyer activity.

Data shared by the association revealed that the price of silver remained unchanged at Rs2,650 per tola and Rs2,271.94 per 10 grams.