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Friday May 24, 2024

Gold continues to lose shine, falls by Rs1,750 in Pakistan

Price of gold (24 carats) settles at Rs225,500 per tola and Rs177,219 per 10 grams

By Web Desk
June 12, 2023
An undated image of gold jewellery displayed at a store. — AFP
An undated image of gold jewellery displayed at a store. — AFP

KARACHI: The gold prices in Pakistan continued to decline on Monday in line with the depreciation of the rupee against the dollar. 

The price of gold (24 carats) lost Rs1,750 per tola and Rs1,500 per 10 grams to settle at Rs225,500 and Rs177,219 respectively, according to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA). 

Meanwhile, the price of gold increased by $2 in the international market to close settle at $1,963 per ounce.

Cumulatively, the prices of the yellow metal fell by Rs5,450 during the week ended on June 10.

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.

Last week, the gold price in Pakistan saw a decline in the outgoing week on Saturday in line with the developments in the international market.

Data shared by the association showed the price of silver remained unchanged at Rs2,650 per tola and Rs2,271.94 per 10 grams.

Meanwhile, the local currency fell by Rs0.8 or 0.24% against the greenback and closed at Rs287.63 in the interbank market on Monday.