ISLAMABAD: After increasing to Rs 800 last day, the price of gold in Pakistan witnessed a nosedive trend on Tuesday despite an increase in the prices in the international market, probably due to the inflow of Rs 2bn from Saudi Arabia as announced by Finance Minister Ishaq Dar earlier.
According to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24 karats of the precious metal witnessed a major drop of Rs4,500 per tola to settle at Rs204,500, the lowest rate during the last 4 to 5 months. Last-day rates of the yellow metal were observed at 2,900 in the market.
Meanwhile, the price of the 10 grams of 24 karats of gold observed a decline of Rs3,858 to settle at Rs175,326.
However, unlike the local market, the price of the precious metal in the international market observed a nominal increase by gaining $7 to settle at $1,925 per ounce.
Meanwhile, the price of silver remained unchanged for the second session and settled at Rs2,480 per tola and Rs2,26.20 per 10 grams respectively.
Decline in Gold Price
The price of the yellow plate in Pakistan remained highly volatile in recent months due to financial and political unrest in the country. 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. Its prices observed a major increase from February till May 2023 when it reached to highest ever Rs 2,40,000 on the 10th of May 2023.
However, in June the prices began to slide down when it reached the lowest at Rs,206,000 in the last week of June. Again after slight fluctuation Tuesday observed the lowest price during the last 4 to 5 months as the precious metal was available in the market at Rs Rs204,500 when it received a major drop of Rs 4,500.
However slight devaluation in the local currency in a couple of days took the price of the precious metal into the upward trend again.
