Domestic Gold Prices Experience Second Consecutive Decline Amidst Economic Uncertainty

Domestic gold prices in Pakistan sustained a downward trend for the second consecutive day on Tuesday, reflecting a 0.48% depreciation of the local currency against the US dollar in the interbank market.

Data provided by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) revealed that the price of 24-karat gold dropped by Rs6,300 per tola and Rs5,402 per 10 grams, resulting in prices settling at Rs232,800 and Rs199,588, respectively.

On the international front, the price of gold also witnessed a decline, with a $9 drop settling it at $1,931 per ounce.

The fluctuating gold rates in Pakistan can be attributed to ongoing political and economic uncertainties in the country, coupled with high inflation levels.

Furthermore, data from the association indicated that the price of 24-karat silver decreased by Rs100 per tola and Rs85.74 per 10 grams, reaching Rs2,800 and Rs2,400.5, respectively.

It is noteworthy that the local currency experienced a devaluation of Rs1.46 against the US dollar in interbank trading, closing at Rs307.10 in comparison to the previous day’s rate of Rs305.64.

Meanwhile, as reported by the Forex Association of Pakistan (FAP), the buying and selling rates of the US dollar in the open market stood at Rs320.8 and Rs324, respectively.

A day earlier, the per tola price of 24-karat gold had witnessed a decline of Rs700, selling at Rs239,100. Similarly, the price of 10 grams of 24-karat gold had decreased by Rs600, reaching Rs204,990, according to the All Sindh Sarafa Jewellers Association.

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