Gold price in Pakistan falls despite rise in international rates

Gold price in Pakistan declined by Rs2,400 per tola as the rupee made gains against the US dollar in the interbank market on Wednesday.

According to data issued by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) on Wednesday, the price of gold (24 carats) declined by Rs2,400 per tola and Rs2,058 per 10 grams to settle at Rs222,100 and Rs190,415, respectively.

Meanwhile, the price of the yellow metal increased by $12 to settle at $1,972 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 gold in such times as a safe investment and a hedge.

Data shared by the association showed the price of silver remained unchanged at Rs2,750 per tola and Rs2,357.68 per 10 grams, respectively.

Meanwhile, the local currency gained Rs1.48 or 0.52% against the US dollar in the interbank market today, according to the data shared by the State Bank of Pakistan (SBP).

The rupee closed at Rs287.04 against the dollar.