ISLAMABAD: The downward trend in the price of the precious metal continued for the last couple of days as the price of 24 karats of per tola gold in the local market witnessed a decline of Rs2,050 to settle at Rs227,250 on Saturday.
According to the All-Pakistan Sarafa Gems and Jewellers Association, the price of 10 grams of 24 karats of gold also went down in the local market Rs1,758 to settle at Rs194,830 in the local market.
Meanwhile, like the local market, the price of the precious metal also went down in the international market with a decline of $4 to settle at $1,961 per ounce. The decrease in price in the international market influenced the rates in the domestic market.
Data shared by the association witnessed that the price per tola and 10 grams of silver remained unchanged at Rs2,650 and Rs2,271.94, respectively.
Downfall in Gold Price in Local Market
After a continuous fall last week, the price of the yellow plate in the local market observed a total decrease of Rs5,450. The local market observed a sharp increase in rates of the precious metal during the month of March, April, and May this year, where its prices reached a historic high of Rs 240,000 per tola in the first week of May. However, the month of June (except the day the budget was passed) brought the price down below rs 2,30,000 per tola.
According to bullion experts’ the price of the yellow plate is still high, and the investors were still inclined to it due to the shrinking of other sectors and the uncertain financial position in the country. As a result, they consider gold as a safe investment.
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.
