Gold loses shine as price drops by over Rs4,000 per tola

• Gold price falls by Rs4,500 per tola.
• Prices of silver remain unchanged in local market.
• Yellow metal gains $7 in international market. 

KARACHI: The prices of gold in Pakistan saw a major drop on Tuesday despite an increase in the prices in the international market. 

According to data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) lost Rs4,500 per tola and Rs3,858 per 10 grams to settle at Rs204,500 and Rs175,326, respectively.

Meanwhile, the price of the yellow metal made a nominal increase by gaining $7 to settle at $1,925 per ounce in the international market today.

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

Data shared by the association showed the price of silver remained the same for the second session this week at Rs2,480 per tola and Rs2,26.20 per 10 grams.

A day earlier, the price of the bullion increased by Rs800 per tola and Rs686 per 10 grams. 

Meanwhile, the local currency gained minimally by 0.44% against the greenback in the interbank market today, according to the data shared by the State Bank of Pakistan (SBP).

The rupee closed at Rs278.57 against the dollar.