Gold prices experience significant decline in Pakistan

Karachi: Despite a rise in international prices, the gold rates in Pakistan experienced a significant decline on Tuesday.

The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported that the price of 24-carat gold dropped by Rs4,500 per tola and Rs3,858 per 10 grams, reaching Rs204,500 and Rs175,326, respectively.

Conversely, the international market witnessed a slight increase in gold prices, with a gain of $7, settling at $1,925 per ounce.

Recent political and economic uncertainties, along with high inflation, have contributed to the volatility of gold rates in Pakistan. Many individuals view gold as a safe investment and a hedge during such times.

The APSGJA data also revealed that the price of silver remained unchanged for the second consecutive session this week, staying at Rs2,480 per tola and Rs2,226.20 per 10 grams.

In the previous session, the price of gold had risen by Rs800 per tola and Rs686 per 10 grams.

Additionally, according to data from the State Bank of Pakistan (SBP), the local currency experienced a marginal increase of 0.44% against the US dollar in the interbank market, closing at Rs278.57.