Gold prices decrease sharply for sixth consecutive day in Pakistan

The gold price in Pakistan is still declining, falling by Rs1,500 per tola on Friday due to a drop in the international market.

According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) fell by Rs1,500 per tola and Rs1,285 per 10 gramme to Rs217,000 and Rs186,043, respectively.

Meanwhile, the yellow metal's price has dropped by $10 to $1,919 per ounce on the international market today.

In Pakistan, the gold price has been fluctuating recently due to ongoing political and economic uncertainties, as well as significant inflation. In such times, people prefer to purchase this precious metal as a safe investment and a hedge.

The association's data revealed that the price of silver remained steady at Rs2,550 per tola and Rs2,186.21 per 10 grammes.

It further stated that the price of bullion in Pakistan is Rs4,000 per tola "undercoat" when compared to the Dubai market, indicating that the Pakistani gold market is currently lower than the worldwide market.

Meanwhile, the rupee stayed constant against the US dollar, rising marginally Rs0.01 to settle at Rs286.74 in the interbank market on Friday.