Gold loses Rs1,000 in Pakistan today

KARACHI: The price of gold in Pakistan decreased on Monday as the international market also witnessed a decline in the price of yellow metal. 

The price of gold (24 carats) decreased by Rs1,000 per tola and Rs858 per 10 grams to settle at Rs220,700 and Rs189,214, respectively, according to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA). 

Meanwhile, the price of the yellow metal decreased by $7 to settle at $1,951 per ounce in the international market today.

The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, high inflation, and currency depreciation. People prefer to buy the precious commodity in such times as a safe investment and a hedge.

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

Meanwhile, the local currency started the week on a negative note against the dollar by losing Rs0.07 or 0.02% and closed at Rs287.26 in the interbank market on Monday.