Gold Prices in Pakistan Witness a Significant Drop of Rs4,000 per Tola
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Loading... - Cheran Dhawan
- 13 Jun 2023
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On Tuesday, the gold prices in Pakistan experienced a notable decline, aligning with the prevailing post-budget melancholy and the imminent arrival of cyclone Biparjoy, which resulted in a deserted market. Data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) reveals that the price of 24-carat gold decreased by Rs4,000 per tola and Rs3,430 per 10 grams, reaching Rs221,500 and Rs189,900, respectively.
In the international market, the price of gold dropped by $2, settling at $1,961 per ounce. Over the past two sessions, the precious metal's prices have cumulatively fallen by Rs5,750. Interestingly, the gold rate in Pakistan is currently Rs4,000 per tola lower than the rate in Dubai.
Recent times have been marked by volatility in the gold rate within Pakistan, influenced by persistent political and economic uncertainty, high inflation, and currency depreciation. Consequently, people tend to consider buying gold as a safe investment and a hedge during such periods.
Multiple factors contributed to the significant decline witnessed in the market on Tuesday, including international rates, the depreciation of the dollar, the arrival of cyclone Biparjoy, and unfavorable weather conditions, which limited buyers from venturing out.
According to the association's data, the price of silver remained unchanged at Rs2,650 per tola and Rs2,271.94 per 10 grams. Meanwhile, the local currency experienced a decrease of Rs0.34 or 0.12% against the US dollar, closing at Rs287.97 in the interbank market today.
