Gold price in Pakistan witnesses significant decline

KARACHI: The gold price in Pakistan on Wednesday witnessed a significant decline as rupee (PKR) continued its aggressive recovery against the US dollar (USD) in the open market, ARY News reported.

According to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) fell by Rs10,500 per tola and Rs9,002 per 10 grams to settle at Rs222,300 and Rs190,586, 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 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.

It is pertinent to mention here that the Pakistani rupee (PKR) made another aggressive recovery against the US dollar (USD) in the open market, rising by Rs11 against the greenback.

The Forex Association of Pakistan said the rupee had gained Rs11 against the dollar and closed at Rs312 in the open market. It added that banks sold the dollar to importers at Rs 307.50.

In the interbank market, however, the Pakistani rupee (PKR) gained 13 paisa against the dollar to come to 306.98 from yesterday’s close of 307.10.

A day earlier, gold price 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.

The price of gold (24 carats) lost Rs700 per tola and Rs600 per 10 grams to settle at Rs239,100 and Rs204,990, respectively.