Gold price continues to decline in Pakistan

KARACHI: The gold price in Pakistan continued its downward trend for sixth consecutive day on Saturday, sliding another Rs500 per tola, ARY News reported.

According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of the yellow metal (24 karat) lost Rs500 per tola and Rs428 per 10 grammes to settle at Rs212,000 and Rs181,756, respectively.

In six days, gold price in Pakistan has plummeted by Rs27,000 per tola.

The price of gold in the international market decreased by $4 to $1,919 from $1,923, the Association reported.

Data shared by the association showed the price of silver 24 karat decreased by Rs100 to Rs2,550 whereas that of 10 grams silver went down by Rs85.73 to Rs2,186.2.

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, gold price in Pakistan continued to fall for the fifth consecutive day as rupee maintained its recovery against the US dollar.

The domestic price of the yellow metal (24 karat) lost Rs4,000 per tola and Rs3,430 per 10 grams to settle at Rs212,500and Rs182,184, respectively.