Gold loses shine in Pakistan as international rates drop

• Gold price falls by $4 per ounce in international market.
• Gold loses Rs2,050 per tola to settle at Rs227,250.
• Price of silver remains unchanged. 

KARACHI: The gold price in Pakistan saw a decline in the outgoing week on Saturday in line with the developments in the international market. 

According to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) fell by Rs2,050 per tola and Rs1,758 per 10 grams to reach Rs227,250 and Rs194,830, respectively.

The price of the yellow metal lost $4 to settle at $1,961 per ounce in the international market today. Consequently, the rate in the domestic market also declined.

Cumulatively, the prices of the yellow metal fell by Rs5,450 during this week ended on June 10. 

The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, high inflation, and currency depreciation. People prefer to buy yellow metal in such times as a safe investment and a hedge.

A day earlier, the price of the bullion gained after a five-day decline following a minor decrease in the rupee against the dollar and ahead of the budget for the fiscal year 2023-24. 

Data shared by the association showed the price of silver remained unchanged at Rs2,650 per tola and Rs2,271.94 per 10 grams.

Meanwhile, the local currency lost Rs0.12 or 0.04% against the greenback and closed at Rs286.93 in the interbank market on Friday.