Gold price in Pakistan witnesses nominal losses

KARACHI: The price of gold in Pakistan decreased in the third consecutive session in line with the local currency's nominal gains against the dollar on Tuesday. 

The price of gold (24 carats) decreased by Rs200 per tola and Rs171 per 10 grams to settle at Rs220,500 and Rs189,043, respectively, according to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA). 

Meanwhile, the price of the yellow metal remained unchanged at $1,951 per ounce in the international market today.

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

Data shared by the association showed the price of silver had nominal losses as it fell by Rs50 per tola and Rs42.86 per 10 grams to settle at Rs2,600 and Rs2,229.08, respectively.

Meanwhile, the local currency made nominal gains against the dollar by increasing Rs0.02 or 0.01% and closed at Rs287.22 in the interbank market on Tuesday.