Gold loses shine in Pakistan as international rates drop

KARACHI: The gold price in Pakistan declined on Monday in line with the developments in the international market, ARY News reported.

According to data issued by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) lost Rs700 per tola and Rs600 per 10 grams to settle at Rs239,100 and Rs204,990, respectively.

The price of the yellow metal lost $5 to settle at $1,940 per ounce in the international market today. Consequently, the rate in the domestic market also declined.

Meanwhile, the price per tola silver and ten-gram silver remained unchanged to close at RS 2,900 and Rs 2,486.28 respectively.

The

gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, high inflation, and currency depreciation. People prefer to buy yellow metal in such times as a safe investment and a hedge.

Earlier on Friday, Gold price increased in Pakistan after another hike in the international market.

The price of gold (24 carats) increased by Rs3,400 to settle at Rs239,800 per tola, according to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA).

The price of 10-gram gold increased by Rs2,915 to settle at Rs205,590. In the international market, the price witnessed a hike of $7 to settle at $1,945 per ounce.