Gold price in Pakistan continues downward trajectory

KARACHI: The gold price in Pakistan on Tuesday continued to lose its shine for the second consecutive day this week due to several reasons including the market being deserted ahead of cyclone Biparjoy. 

The price of gold (24 carats) fell by Rs4,000 per tola and Rs3,430 per 10 grams to reach Rs221,500 and Rs189,900, respectively, according to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA).

The price of the yellow metal lost $2 to settle at $1,961 per ounce in the international market today.

Cumulatively, the prices of the precious commodity fell by Rs5,750 in the last two sessions.

Meanwhile, the price of gold is Rs4,000 per tola “undercost” in Pakistan, as compared to the Dubai market.

The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, high inflation, and currency depreciation. People prefer to buy yellow metal in such times as a safe investment and a hedge.

The market on Tuesday saw a major decline due to several reasons including the international rates, post-budget blues, depreciation of dollars, Biparjoy and the current weather which has restricted the buyers from going out.

Data shared by the association showed the price of silver remained unchanged at Rs2,650 per tola and Rs2,271.94 per 10 grams.

Meanwhile, the local currency lost Rs0.34 or 0.12% against the greenback and closed at Rs287.97 in the interbank market today.