In Karachi, Pakistan, gold prices have decreased for the second consecutive day, following a 1.46% depreciation of the rupee against the US dollar in interbank trading on Tuesday.
As per information provided by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the domestic value of 24-karat gold has declined by Rs6,300 per tola and Rs5,402 per 10 grams, reaching Rs232,800 and Rs199,588, respectively.
Simultaneously, the international market has also seen a $9 drop in the price of gold, settling at $1,931 per ounce today.
The fluctuating gold rates in Pakistan are a result of ongoing political and economic uncertainties as well as high inflation. Data from the association reveals that the price of 24-karat silver has also experienced a decrease, with a Rs100 reduction per tola and Rs85.74 per 10 grams, leading to a settlement at Rs2,800 and Rs2,400.5, respectively.
— SBP (@StateBank_Pak) September 5, 2023