KARACHI: The price of gold in Pakistan dropped by Rs1,600 per tola on Tuesday, following a decline in international rates, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
After the decrease, the price of 24-karat gold stood at Rs354,700 per tola, while the 10-gram gold rate settled at Rs304,098, showing a loss of Rs1,372.
This comes after a minor dip of Rs100 per tola was recorded on Monday, when the rate stood at Rs356,300.
The fall is largely attributed to a drop in international prices, which also moved downward on Tuesday. According to APGJSA, the international price of gold dropped $16 per ounce, bringing it to $3,320, including a premium of $20 applied locally.
In contrast, silver prices remained unchanged, with silver per tola holding steady at Rs3,963, and 10 grams of silver priced at Rs3,397.29.
Gold prices in Pakistan are closely linked to movements in the global market, as well as the local currency’s exchange rate against the US dollar. The recent strength of the Pakistani rupee and a global pullback in gold demand have contributed to the downward trend.
Traders expect price volatility to persist due to international economic uncertainty and ongoing currency market interventions.
