Karachi: The week concluded with a slight dip in gold prices in Pakistan, following the trends in the international market.
According to the recent data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold witnessed a decline of Rs1,700 per tola and Rs1,458 per 10 grams, settling at Rs221,700 and Rs190,072, respectively.
Simultaneously, the global market observed a decrease of $7, with the price of gold reaching $1,958 per ounce.
Volatility in the gold rates has become a characteristic feature in Pakistan, attributable to ongoing political and economic uncertainty, high inflation, and currency depreciation. In times of such turbulence, people tend to invest in gold as a safe haven and a hedge against market fluctuations.
Factors such as international rates, Biparjoy, and the post-budget blues have contributed to a significant decline in the market.
Data from the association revealed that the price of silver remained stable at Rs2,650 per tola and Rs2,271.94 per 10 grams.
Moreover, the local currency experienced a slight appreciation of Rs0.18 or 0.06% against the US dollar, closing at Rs287.19 in the interbank market on Friday.
Published in PakWeb, June 17th, 2023.
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