Gold prices in Pakistan experienced a drop at the beginning of the week, largely driven by the local currency’s depreciation against the dollar on Monday, according to information from the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA). The value of 24-carat gold dropped by Rs1,750 per tola and Rs1,500 per 10 grams, finishing at Rs225,500 and Rs177,219, respectively.
Conversely, the international gold price slightly increased by $2, ending at $1,963 per ounce. Over the week ending June 10, the total decline in gold prices was Rs5,450.
The fluctuating gold rates in Pakistan reflect the ongoing political and economic instability, heightened inflation, and currency depreciation. Under these conditions, many invest in gold as a secure asset and financial protection.
Last week also saw a decrease in gold prices, following the trend set by the international market. As for silver, the APSGJA data showed no change in its prices, remaining stable at Rs2,650 per tola and Rs2,271.94 per 10 grams.
On Monday, the local currency weakened by Rs0.8 or 0.24% against the US dollar, ending at Rs287.63 in the interbank market.
