Gold prices in Pakistan witness slight decrease

Karachi: The price of gold in Pakistan experienced a slight decrease following a decline in the international market on the first day of the week.

The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) shared data, showing that the price of 24-carat gold decreased by Rs1,000 per tola and Rs858 per 10 grams, settling at Rs220,700 and Rs189,214, respectively.

Simultaneously, the international market witnessed a $7 decrease in the price of gold, settling at $1,951 per ounce.

The gold market in Pakistan has been volatile lately due to ongoing political and economic uncertainty, high inflation, and currency depreciation. In such times, people tend to invest in gold as a safe haven and a hedge against these factors.

According to the data provided by the association, the price of silver remained unchanged at Rs2,650 per tola and Rs2,271.94 per 10 grams.

Furthermore, the local currency, the Pakistani rupee, started the week on a negative trajectory against the US dollar, losing Rs0.07 or 0.02% in the interbank market, closing at Rs287.26 on Monday.