ISLAMABAD: After experiencing continuous fluctuations for a couple of days, the price of gold in the local market remained unchanged on Wednesday. According to the Sarafa Jewellers Association, the price of 24-karat gold per tola closed at Rs 233,100 without any change.
Meanwhile, the price of 10 grams of 24-karat gold and 22-karat gold were also available in the market at Rs 199,846 and Rs 183,192, respectively, maintaining the same rates as the previous day.
Similarly, the price of silver per tola and ten grams remained unchanged, settling at Rs 2,950 and Rs 2,529.14, respectively.
Gold Price in the International Market
In contrast to the domestic market, the price of gold in the international market declined by $18, closing at $1,988 from $2,006, as reported by the association. The decrease in the price of the precious metal in the international market is attributed to a slight gain in the US dollar after discussions about interest rate cuts were set aside. However, the decrease in the international market did not influence the local market rate.
In the second week of this month, the price of gold reached its highest-ever benchmark of Rs 240,000 per tola. Bullion experts attribute the continuous increase in the price of the yellow metal to ongoing financial and political uncertainties, rupee devaluation, and the deadlock with the IMF over the pending tranche related to the 9th review.
