Gold Prices in Pakistan Witness a Decline Amid International Rate Drop and Cyclone Biparjoy. The gold market in Pakistan experienced a notable drop in prices on Wednesday, following the downward trend in international rates and the imminent cyclone Biparjoy, which resulted in a deserted market.
Data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) reveals that the price of 24-carat gold fell by Rs2,500 per tola, settling at Rs219,000, while the price of 10 grams of gold decreased by Rs2,143, reaching Rs187,757.
The international market also witnessed a decline in the value of gold, with the yellow metal losing $13 and settling at $1,948 per ounce.
Over the course of the last three sessions, the prices of gold have cumulatively dropped by Rs8,250.
The gold market in Pakistan has been volatile in recent times due to persistent political and economic uncertainty, high inflation rates, and currency depreciation. During such periods, people often turn to gold as a safe investment and a hedge against uncertainties.
Several factors contributed to the significant decline in the market, including international rates, the depreciation of the dollar against the rupee, cyclone Biparjoy, and the current weather conditions that have limited buyers from venturing out.
According to the association’s data, the price of silver also experienced a decrease of Rs100, settling at Rs2,550 per tola and Rs2,186.21 per 10 grams.
In contrast, the local currency strengthened against the US dollar, gaining Rs0.79 or 0.28%, and closing at Rs287.18 in the interbank market.
Published in PakWeb, June 14th, 2023.
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