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Fluctuating Gold Prices in Pakistan Reflect Currency Depreciation and Economic Uncertainty
Gold price drops in Pakistan: According to data from the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the local currency’s decline against the dollar on Monday was a major factor in the decline in gold prices in Pakistan at the start of the week. With a final price of Rs225,500 for a tola and Rs177,219 for ten grams of 24-carat gold, respectively, the value fell by Rs1,750 per tola and Rs1,500 per gram.
On the other hand, the price of gold on the world market marginally increased by $2, ending at $1,963 per ounce. The total decrease in gold prices throughout the week ending June 10 was Rs5,450.
The shifting gold prices in Pakistan reflect the country’s ongoing political and economic unrest, as well as its high inflation and a depreciating currency. Many people invest in gold as a safe asset and means of financial security during these times.
Gold prices also dropped last week, continuing the pattern established by the global market. According to the APSGJA data, the price of silver remained constant at Rs. 2,650 for a tola and Rs. 2,271.94 for a gram.
However, In the interbank market, the local currency on Monday fell by Rs0.8, or 0.24%, against the US dollar to end at Rs287.63.