Gold prices in Pakistan decline despite Int’l rate increase

Karachi: The price of gold in Pakistan continued to experience decline, with a drop of Rs2,500 per tola, despite a minor increase in international rates on Saturday.

All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) shared the data, showing that the price of 24-carat gold decreased by Rs2,500 per tola, reaching Rs214,500, while the price per 10 grams decreased by Rs2,143 to settle at Rs183,900.

The cost of gold in Pakistan is currently Rs4,000 per tola cheaper compared to the Dubai market, indicating that the Pakistani gold market is currently more affordable than the global market.

In the global market, the price of gold witnessed a slight increase of $1, settling at $1,920 per ounce.

Gold prices in Pakistan have been experiencing volatility recently due to ongoing political and economic uncertainty, as well as high inflation. During such times, people tend to invest in gold as a safe haven and a hedge against economic instability.

The association also shared data revealing a decrease of Rs50 in the price of silver, which settled at Rs2,500 per tola and Rs2,143.34 per 10 grams.