Gold price falls over Rs2,000 in Pakistan

Despite an increase in the international rate and depreciation in the local currency against dollar, the per tola price of gold fell over Rs2,000 in Pakistan on Tuesday.

According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) decreased by Rs2,300 per tola and Rs1,972 per 10 grams to settle at Rs228,100 and Rs195,559 respectively.

Meanwhile, the price of gold increased by $24 in the international market to close settle at $1,964 per ounce.

The value of gold fluctuated throughout the outgoing week in domestic markets and fell by Rs1,600 last week (June 3). Cumulatively, the price of per tola gold decreased by Rs3,300 in the last two days.

Data shared by the association showed the price of silver fell by Rs100 to settle at Rs2,650 per tola and Rs2,271.94 per 10 grams, respectively.

As per the jewellers’ association, the gold rate in Pakistan is undervalued compared to the Dubai gold market by Rs4,000.

Meanwhile, the local currency lost Rs0.37 or 0.13% against the greenback and closed at Rs286.56 in the interbank on Tuesday.