The gold price in Pakistan hit on Monday, continuing its downward trajectory from the previous week, where it lost Rs1,100 per tola in total. Information from the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) revealed that the price of 24-carat gold dipped by Rs1,700 per tola and Rs1,457 per 10 grams, resulting in current prices of Rs234,500 and Rs201,046 respectively.
Simultaneously, international gold prices settled at $1,945 per ounce after a slight decrease. This stability in global market prices results from US Democrats and Republicans reaching a consensus to raise the federal debt ceiling, thereby avoiding a potential default scenario for the US. Furthermore, indications that the US Federal Reserve may increase interest rates for the 11th time running in June have boosted the value of the US dollar, consequently applying downward pressure on gold prices.
In Pakistan, gold prices have been inconsistent lately due to ongoing political and economic unrest, escalating inflation, and weakening currency. Despite these fluctuating prices, many individuals invest in gold, considering it a secure financial safety net.
On Monday, the Pakistani Rupee lost a slight 0.09% against the US dollar, closing at Rs285.42, according to State Bank of Pakistan data.
Alongside gold, the price of silver also witnessed a decline. The rate decreased by Rs50 per tola and Rs42.87 per 10 grams, now at Rs2,850 and Rs2,443.41, respectively, as per data shared by the APSGJA.
