Gold Price Declines by Rs1,600 to Settle at Rs231,400 Per Tola

Sat Jun 03 2023
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ISLAMABAD: Fluctuation in the price of gold still continued in the local market, as after the last-day increase, rates of the precious metal went down by Rs 1600 on Saturday.

According to All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24 karats of gold decreased by Rs1,600 per tola to settle at Rs231,400, while that of 10 grams of 24 karats of gold went down by Rs1,371 to drop at Rs198,388.

Like the local market, the price of the yellow plate also declined in the international market by $27 to settle at $1,948 per ounce.

Meanwhile, the price of silver remained unchanged and settled at Rs2,750 per tola and Rs2,357.68 per 10 grams.

Continues Fluctuation in Gold Price

The price of the precious metal almost changes every day as on Friday; it witnessed an increase of Rs4,000 in a single day against a significant decline of Rs5,400 on Thursday. Meanwhile, during the first week of May, rates of gold reached its historic high of Rs 2,40,000 per tola, followed by constant fluctuation.

According to bullion experts rate of gold in Pakistan changes, particularly rising due to ongoing political and economic unrest, high inflation, the devaluation of the Pakistani rupee, etc. As a result, the masses prefer to invest in the precious metal to protect their investment.

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