- Gold prices declined by Rs 1,285 per 10 grams to Rs 186,043.
- Silver prices remained stable in the local market.
- The price of gold in Pakistan is “undercost” by Rs 4,000 per tola.
Karachi: Gold prices in Pakistan fell by Rs 1,500 per tola on Friday due to a fall in the international market.
According to the data released by the All-Pakistan Sarafa Gems and Jewelers Association (APSGJA), gold (24 carat) lost Rs 1,500 per tola and Rs 1,285 per 10 grams to Rs 217,000 and Rs 186,043, respectively. , respectively.
Meanwhile, the yellow metal also declined by $10 to close at $1,919 an ounce in the international market today.
Gold rates have been volatile recently amid ongoing political and economic uncertainty and high inflation in Pakistan. People like to buy this precious item in such times as a safe investment and hedge.
Data shared by the association showed that silver remained unchanged at Rs 2,550 per tola and Rs 2,186.21 per 10 grams.
It also mentioned that the price of bullion in Pakistan was “undercost” by Rs 4,000 per tola compared to the Dubai market, suggesting that the Pakistani gold market was currently cheaper than the global one.
Meanwhile, the local currency remained flat with a marginal increase of Rs 0.01 against the greenback and closed at Rs 286.74 at the interbank market on Friday.