KARACHI: Gold prices in Pakistan witnessed a further decline for the second consecutive day on Tuesday, as the local currency gained strength against the US dollar.
According to the All-Pakistan Sarafa Gems and Jewellers Association, the price of 24 carats of gold dropped by Rs2,200 per tola, and the price of 10 grams of gold dropped by Rs1,887. The new rates were set at Rs205,000 per tola and Rs175,754 per 10 grams, respectively.
In contrast, the international market saw an increase in the price of gold for the second time, rising by $17 to settle at $1,929 per ounce. The ongoing political and economic uncertainties, coupled with high inflation, prompted individuals to invest in gold as a means to secure their financial assets.
Silver Price in Pakistan
Meanwhile, the price of silver remained unchanged at Rs2,500 per tola and Rs2,143.34 per 10 grams, according to the association.
Despite the global surge in bullion prices, the local market experienced a decline due to the recovery of the Pakistani rupee against the US dollar. The rupee gained Rs10.5 against the greenback, leading to a downward trend in gold prices.
The decline in gold prices, driven by the rupee’s revival, offers an opportunity for local buyers to make affordable purchases. It also reflects the impact of currency fluctuations on the precious metal’s value, with the local market responding to changes in the exchange rate.
