Gold price continues decline in Pakistan

ISLAMABAD: The gold price in Pakistan continued its downward trend on the first day of the trading week despite an increase in the international market, ARY News reported on Monday.

According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) decreased by Rs2,600 per tola and Rs2,229 per 10 grams to settle at Rs209,400 and Rs179,527, respectively.

In last 7 sessions, gold prices in Pakistan have dropped by Rs30,400 per tola on rupee’s appreciation against the US dollar.

Meanwhile, the price of gold in the international market decreased by $7 to $1,926 from $1,919, the Association reported.

The price of per tola decreased by Rs50 to Rs2,500 whereas that of 10 grams silver went down by Rs42.87 to Rs2,143.34.

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.

Moreover, the Pakistani rupee maintained an upward trend against the dollar, appreciating for the fourth successive session to settle at 301.16 in the inter-bank market on Monday.

In the open market also, the rupee continued its appreciation run against the dollar.