KARACHI: After an upward trend for two consecutive days, the price of the 24 karats of gold in Pakistan decreased by Rs 1700 to settle at Rs 221,700 on Saturday in the context of the developments in the international market.
According to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of ten grams of 24 karats of gold also went down by Rs1,458 to settle at Rs190,072.
Meanwhile, like the local market, the price of the precious metal in the international market witnessed a decrease of $7 to settle at $1,958 per ounce.
However, the price for the per tola and 10 grams of silver remained unchanged in the local market and settled at Rs2,650 and Rs2,271.94, respectively.
Fluctuation in Gold Price in Pakistan
The price of the yellow plate in the local market remained volatile for the last couple of months due to several reasons, including political and economic unrest, high inflation, and devaluation of local currency. As a result, people prefer to invest in gold as compared to other sectors.
It was the reason price of gold went up from March till May, and on the second week of May, it reached its record high of Rs 2,40,000. However, in June, the downward trend began in price, and during the last few days, it witnessed a total decline of more than Rs 14,000.
