- The price of gold has declined by Rs 1,300 per tola, by Rs 1,115 per 10 grams.
- Silver prices in the local market remain unchanged.
- Gold prices have also declined in the international market.
Karachi: After the reduction in international rates, gold prices in Pakistan broke the two-day rally.
According to the data released by the All-Pakistan Sarafa Gems and Jewelers Association (APSGJA), gold (24 carat) declined by Rs 1,300 per tola and Rs 1,115 per 10 grams to Rs 213,200 and Rs 182,785, respectively. ,
Meanwhile, the yellow metal also declined in the international market today and fell by $4 to $1,955 an ounce.
Gold rates have been volatile recently amid ongoing political and economic uncertainty and high inflation in Pakistan. People like to buy gold in such times as a safe investment and a hedge.
Data shared by the association showed that silver remained unchanged at Rs 2,650 per tola and Rs 2,271.94 per 10 grams.
In the last two sessions – Thursday and Friday – the yellow metal rates gained cumulatively by Rs 10,500.
Adnan Agar, director, AA Commodities, attributed the rise in international prices to the weakening of the US currency, which in turn pushed up local prices.
Explaining the reason behind this, Agar said, “The main reason for the increase in the local market is the international rates as the dollar has weakened internationally against other currencies. Dollar and gold are in opposite positions, if the dollar weakens, gold will rise.” Is.” increase in rates.
Meanwhile, the local currency depreciated 0.41% against the greenback at the interbank market, and ended the week at Rs 277.59, according to data shared by the State Bank of Pakistan (SBP).