On Tuesday, the prices of gold in Pakistan experienced a significant decline, despite an increase in international market prices. Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) revealed that the price of 24-carat gold dropped by Rs4,500 per tola and Rs3,858 per 10 grams, settling at Rs204,500 and Rs175,326, respectively.
In contrast, the international market witnessed a slight rise in gold prices, with a $7 increase to $1,925 per ounce.
The gold rate in Pakistan has been volatile due to ongoing political and economic uncertainty, as well as high inflation. During such uncertain times, people often turn to gold as a safe investment and a means of hedging against financial risks.
Data from the association indicated that the price of silver remained unchanged for the second consecutive session this week, standing at Rs2,480 per tola and Rs226.20 per 10 grams.
The local currency, the Pakistani rupee, experienced a minor gain of 0.44% against the US dollar in the interbank market, closing at Rs278.57.
