Gold Price in Pakistan: The gold market in Pakistan experienced a downward trend during the previous week, mirroring the developments in the global market. The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) has reported that the price of 24-carat gold dropped by Rs2,050 per tola and Rs1,758 per 10 grams, reaching Rs227,250 and Rs194,830, respectively.
The international market witnessed a $4 decrease in the price of gold, settling at $1,961 per ounce. As a result, the domestic market also observed a decline in gold rates. Throughout the week ending on June 10, the cumulative decrease in gold prices amounted to Rs5,450.
The gold market in Pakistan has been marked by volatility in recent times, owing to ongoing political and economic uncertainty, high inflation, and currency depreciation. During such periods, individuals tend to view gold as a safe investment and a hedge against these uncertainties.
Following a minor depreciation of the Pakistani rupee against the US dollar and in anticipation of the budget for the fiscal year 2023-24, the price of gold rebounded after five consecutive days of decline.
In contrast, the price of silver remained steady at Rs2,650 per tola and Rs2,271.94 per 10 grams, according to data provided by the association.
Moreover, the local currency experienced a marginal decline of Rs0.12 or 0.04% against the US dollar, closing at Rs286.93 in the interbank market on Friday.
Published in PakWeb, June 13th, 2023.
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