KARACHI – Gold prices in Pakistan experienced a decline on Saturday, reflecting the negative trend observed in the global market.
As per data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the value of gold (24 carats) decreased by Rs600 per tola and Rs514 per 10 grams, settling at Rs221,800 and Rs190,158, respectively.
Concurrently, the international market saw a decrease of $4 in the price of gold, settling at $1,914 per ounce.
On the previous day, bullion prices hovered near a one-month low and were headed for their third consecutive weekly drop due to the strengthening of the dollar and bond yields following a report showing an increase in US producer prices in July.
In the local market, the price of gold has displayed volatility amid ongoing political and economic uncertainty, elevated inflation, and in tandem with developments in the global market. People often opt to purchase gold during such periods as a safe investment and a hedge against uncertainties.
Association-provided data indicated that the price of silver remained unchanged at Rs2,750 per tola and Rs2,357.68 per 10 grams.
Today gold rates in Pakistan | gold price in Pakistan – August 12, 2023
