ISLAMABAD: The price of gold in the international market experiences continuous fluctuation amid uncertainty around the United States debt ceiling, affecting the price of the precious metal in the local market.
As per data from the Sarafa and Jewelers associations, the price of 24 carats of gold decreased by Rs2,000 per tola on Tuesday and settled at Rs233,100 while that of 10 grams of 24 carats of gold witnessed a decline of Rs1,714 to settle at Rs199,846.
Gold Price in International Market
The gold price in the international market observed a decline and went down by $9 to reach $2,006 per ounce. The decline in the international market influenced the downward trend in the local market
Meanwhile, the US Congress is yet to decide on the rise of the federal debt ceiling, which is currently capped at $31.4 trillion.
Gold investment is considered a safe haven for investors in Pakistan, particularly due to the shrinking of other sectors and the country’s ongoing political and economic unrest.
It was the reason the price of the precious metal observed a continued surge during the last couple of months and even recorded a historic high of Rs 2,40,000 per tola a few days back.
