Gold prices fall by over Rs2,000 per tola as week starts

KARACHI: The rates of gold in the local market fell by over Rs2,000 per tola in line with the developments in the international market on Monday. 

The price of gold (24 carats) lost Rs2,500 per tola and Rs2,143 per 10 grams to settle at Rs222,200 and Rs190,501, respectively, according to data issued by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA). 

Meanwhile, the price of the yellow metal fell by $16 to settle at $1957 in the international market today.

The precious commodity has gained Rs8,000 per tola in the month of July in the local market.

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 prices gained Rs50 and Rs42.86 to settle at Rs2,800 per tola and Rs2,400.54 per 10 grams, respectively.