Gold price falls by Rs1,800 per tola in Pakistan

Gold price in Pakistan on Wednesday continued its downward trajectory for a fourth straight day, falling by Rs1,800 amid nominal appreciation in the value of local currency against US dollar.

According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) decreased by Rs1,800 per tola and Rs1,543 per 10 grams to settle at Rs218,700 and Rs187,500, respectively.

The price of the yellow metal plummeted by $17 to settle at $1,934 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 this precious commodity in such times as a safe investment and a hedge.

Data shared by the association showed the price of silver registered nominal losses as it fell by Rs50 per tola and Rs42.87 per 10 grams to settle at Rs2,550 and Rs2186.21, respectively.

Meanwhile, the local currency made nominal gains against the dollar by increasing Rs0.24 or 0.08% and closed at Rs286.98 in the interbank market on Tuesday.