ISLAMABAD: Gold prices in the local market observing continuous fluctuation during the last couple of weeks, with a significant decline of Rs 17,00 per tola at the start of this week.
On Monday price of 24 carats of gold went down by Rs1,700 per tola to settle at Rs 234,500, while that of 10 grams of 24 karats of gold decreased by Rs1,457 to close at Rs201,046.
According to the All Pakistan Sarafa Gems and Jewellers Association, prices of silver that observed no significant change last week also decreased on Monday. The per tola price of silver went down by Rs50 and 10 grams by Rs42.87 to settle at Rs2,850 and Rs2,443.41, respectively.
Gold Rates at International Market
Like the local market, rates of the precious metal also went down but slightly. According to the Jewellers Association price of the yellow plate at the international rate went down by $1 and settled at $1,945 per ounce.
A meager decline in the prices in the international market was influenced by the US market after Democrats and Republicans reached an agreement to raise the federal debt ceiling, pushing back to avert the first-ever US default.
Meanwhile, the gold price in the local market mostly remained volatile in Pakistan due to ongoing political and economic unrest, followed by high inflation and continued depreciation of the rupee. Due to these reasons, people prefer to buy the precious metal as a safe investment.
