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Gold rate falls in Pakistan after massive gain

Price of gold (24 carats) declines by Rs1,600 per tola and Rs1,371 per 10 grams

By Web Desk
June 03, 2023
An undated image of a jewellery shop displaying gold jewellery. — AFP/File

KARACHI: Following a rise of Rs4,000 a day earlier, the gold price in Pakistan fell on Saturday in line with the international rates.

The price of gold (24 carats) declined by Rs1,600 per tola andRs1,371 per 10 grams to settle at Rs231,400 andRs198,388, respectively, according to the data issued by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA).

In the international market, gold also declined $27 to settle at $1,948 per ounce.

A day earlier, the yellow metal rose by Rs4,000 per tola after it saw a major decline of Rs5,400 on Thursday.

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.

Data shared by the jeweller's body showed that the rate of silver remained the same at Rs2,750 per tola and Rs2,357.68 per 10 grams.