Gold price in Pakistan on Wednesday continued its downward trajectory for a fourth straight day, falling by Rs1,800 amid nominal appreciation in the value of local currency against US dollar.
According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) decreased by Rs1,800 per tola and Rs1,543 per 10 grams to settle at Rs218,700 and Rs187,500, respectively.
The price of the yellow metal plummeted by $17 to settle at $1,934 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 registered nominal losses as it fell by Rs50 per tola and Rs42.87 per 10 grams to settle at Rs2,550 and Rs2186.21, respectively.
Meanwhile, the local currency made nominal gains against the dollar by increasing Rs0.24 or 0.08% and closed at Rs286.98 in the interbank market on Tuesday.
Analysts sceptical Trump’s tariffs will pass, citing inflation risks for US consumers
Experts credit PSX's record high to IMF adherence, strong macroeconomic fundamentals
PSX achieves historic high, showcasing investor confidence amid strong economic indicators
Large-scale manufacturing sector seems to be struggling to rebound, according to PBS data
Billionaire industrialist, his associates accused of intentionally deceiving global investors as part of extensive...
Given current trends, KSE-100 index can breach psychological barrier of 100,000 points this or next month, says analyst
