The gold rate dropped by Rs4,000 per tola
The price of gold in Pakistan continued to drop on Tuesday, in line with the post-budget blues and the impending storm Biparjoy, which has left the market deserted. According to data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) declined by Rs4,000 per tola and Rs3,430 per 10 grams, reaching Rs221,500 and Rs189,900, respectively. On the international market today, the price of gold decreased $2 to settle at $1,961 per ounce. The price of the precious metal has dropped by Rs 5,750 during the last two days
Pakistani gold is priced at Rs4,000 per tola, or “undercoat,” which is less expensive than in the Dubai market. The erratic price of gold in Pakistan has been influenced by recent political and economic instability, rising inflation, and currency depreciation. People like to buy yellow metal in these situations as a hedge and a secure investment. The market saw a big loss on Tuesday as a result of a number of factors, including fluctuating currency exchange rates, the falling value of the dollar, Biparjoy, and the inclement weather that discouraged buyers from going outside.