KARACHI: The gold price in Pakistan experienced a significant decrease of Rs1,500 per tola on Friday, following a downward trend in the international market.
Data provided by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) reveals that the price of 24-carat gold dropped by Rs1,500 per tola, reaching Rs217,000, while the price of 10 grams of gold fell by Rs1,285, settling at Rs186,043.
Simultaneously, the global market witnessed a $10 decline in the price of gold, with the precious metal closing at $1,919 per ounce.
The volatile nature of the gold rate in Pakistan can be attributed to ongoing political and economic uncertainty, as well as high inflation. In such times, individuals tend to turn to gold as a safe investment and a hedge against instability.
According to the APSGJA, the price of silver remained steady at Rs2,550 per tola and Rs2,186.21 per 10 grams.
Furthermore, it was noted that the current cost of gold in Pakistan is Rs4,000 per tola lower than the Dubai market, indicating that the local gold market is relatively more affordable compared to the global market.
In other news, the Pakistani rupee maintained stability against the US dollar, experiencing a nominal increase of Rs0.01, and closing at Rs286.74 in the interbank market on Friday.