Gold prices in Pakistan plummet as rupee strengthens against dollar

Karachi: Gold prices in Pakistan experienced a significant decline at the beginning of the week, following the strengthening of the local currency against the US dollar in the open market.

According to the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold decreased by Rs8,800 per tola (11.66 grams) and Rs7,544 per 10 grams, settling at Rs207,200 and Rs177,641, respectively.

The depreciation in gold prices was in line with the appreciation of the Pakistani rupee.

Simultaneously, the international market witnessed a slight increase in the price of gold, with a rise of $9, reaching $1,912 per ounce.

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

Furthermore, the data provided by the association revealed that the price of silver also experienced a decline, with a decrease of Rs50 per tola and Rs42.87 per 10 grams, settling at Rs2,500 and Rs2,143.34, respectively.