Wednesday, June 07, 2023
The gold price in Pakistan continued its downward slide for the third consecutive day as it shed Rs800 per tola on Wednesday.
According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) fell to Rs227,300 per tola after losing Rs800 and the price of 10 grams gold decreased by Rs686 to settle at Rs194,873.
Meanwhile, the price of gold declined by $3 in the international market to settle at $1,961 per ounce.
The value of gold fluctuated throughout the outgoing week in domestic markets and fell by Rs1,600 last week (June 3). Cumulatively, the price of per tola gold decreased by Rs4,100 in the last three days.
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.
Data shared by the association showed the price of silver fell by Rs50 to settle at Rs2,600 per tola and Rs2,229.08 per 10 grams, respectively.
As per the jewellers’ association, the gold rate in Pakistan is undervalued compared to the Dubai gold market by Rs4,000.
Meanwhile, the local currency lost Rs0.33 or 0.11% against the greenback and closed at Rs286.88 in the interbank on Wednesday.