Per Tola Gold Prices Loses RS200 in Pakistan. Gold Prices in Pakistan Witness a Decline of Rs200 per Tola. Despite unchanged international rates, gold prices in Pakistan experienced a third consecutive decline, as reported by the All-Pakistan Sarafa Gems and Jewelers Association (APSGJA).
Here we are discusses the recent decrease in gold prices, the stability of international rates, and the factors influencing the gold market.
Additionally, the article highlights the price fluctuations of silver and the nominal gains made by the local currency.
Gold Prices in Pakistan:
Gold prices in Pakistan saw a decline for the third consecutive time, with a decrease of Rs200 per tola and Rs171 per 10 grams. As per APSGJA data, the price of gold (24 carats) settled at Rs220,500 per tola and Rs189,043 per 10 grams.
International Gold Rates:
Contrary to the decline in Pakistan, the international market witnessed unchanged gold rates, with the yellow metal holding steady at $1,951 per ounce. This indicates that the decrease in gold prices in Pakistan is influenced by local factors.
Factors Influencing Gold Market:
The gold market in Pakistan has exhibited volatility due to various factors, including political and economic uncertainty, high inflation, and currency depreciation. In times of uncertainty, individuals often turn to gold as a safe investment and a hedge against economic instability.
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Silver Prices:
Alongside the decline in gold prices, silver prices also experienced nominal losses. The price of silver decreased by Rs50 per tola and Rs42.86 per 10 grams, settling at Rs2,600 and Rs2,229.08, respectively. The slight decrease in silver prices adds to the overall trend of precious metal fluctuations in the market.
Local Currency Performance:
In terms of the local currency’s performance, it made nominal gains against the dollar. The interbank market recorded an increase of Rs0.02 or 0.01%, closing at Rs287.22 on Tuesday. The slight appreciation of the local currency reflects the dynamics of the currency market amidst ongoing economic conditions.
Verdict
The recent decline in gold prices in Pakistan, despite unchanged international rates, indicates the influence of local factors on the market. With gold prices experiencing volatility due to political and economic uncertainty, inflation, and currency depreciation, individuals perceive gold as a secure investment option.
The nominal losses in silver prices and the slight gains made by the local currency further contribute to the fluctuating nature of the precious metals and currency markets.