Gold price in Pakistan plunges by Rs2,500 per tola

Gold price in Pakistan witnessed a decline on Saturday as per tola price of yellow metal declined by Rs2,500 amid nominal increase in the international rates.

The price of gold (24 carats) decreased by Rs2,500 per tola and Rs2,143 per 10 grams to settle at Rs214,500 and Rs183,900, respectively, according to a data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA).

Meanwhile, the price of the yellow metal also increased by $1 and settled at $1,920 per ounce in the international market today.

The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, and high inflation. 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 dropped by Rs50 to settle at Rs2,500 per tola and Rs2,143.34 per 10 grams.

It also mentioned that the price of the bullion is Rs4,000 per tola “undercost” in Pakistan compared to the Dubai market, showing that the Pakistani gold market was currently cheaper than the global.