At the beginning of the week, gold prices in Pakistan experienced a significant drop of over Rs8,000 due to the appreciation of the local currency against the US dollar in the open market. The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) released data indicating that the price of 24-carat gold decreased by Rs8,800 per tola and Rs7,544 per 10 grams, resulting in a new settlement price of Rs207,200 and Rs177,641, respectively.
In contrast, the international market witnessed a $9 increase in the price of gold, reaching $1,912 per ounce today. Recent times have seen significant volatility in the gold rate in Pakistan due to ongoing political and economic uncertainty, along with high inflation. As a result, many individuals consider gold a safe investment and a hedge against such uncertainties.
The association also provided data indicating a decline in the price of silver, with a decrease of Rs50 per tola and Rs42.87 per 10 grams, settling at Rs2,500 and Rs2,143.34, respectively.
Despite the global rise in bullion prices, the local market experienced a decline as the domestic currency recovered by Rs5 against the US dollar. In the open market, the rupee appreciated to close at Rs285 following the signing of a staff-level agreement (SLA) between the government and the International Monetary Fund (IMF) for a $3 billion financing facility.
Read: Pakistan’s Emergency Lifeline: A $3 Billion IMF Rescue Package
Due to a bank holiday, the interbank rate was unavailable on this day.
