Gold price in Pakistan registers major drop

KARACHI: Gold price on Tuesday registered a major drop in Pakistan in line with international market as the rupee shed 1.42 against the US dollar in the interbank trading, ARY News reported.

According to data issued by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) lost Rs6,300 per tola and Rs5,402 per 10 grams to settle at Rs223,800 and Rs199,588, respectively.

Meanwhile, the price of the yellow metal fell by $9 to settle at $1,931 per ounce in the international market today.

Moreover, the association reported that the price of silver 24 karat dipped by Rs100 per tola and Rs85.74 per 10 grammes to settle at Rs2,800 and 2400.5, 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.

A day earlier, the gold price in Pakistan declined in line with the developments in the international market.

According to 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.