The per tola price of 24 karat gold decreased by Rs.8,800 and was sold at Rs.207,200 on Monday against its sale at Rs. 216,000 the previous day. The price of 10 grams of 24 karat gold also decreased by Rs.7,544 to Rs.177,641 from Rs. 185,185 whereas the price of 10 grams 22 karat gold went down to Rs.162,837 from Rs. 169,753, All Sindh Sarafa Jewellers Association reported. The price of per tola silver declined by Rs.50 and was 2,500 whereas that of ten gram silver went down by Rs.42.87 to Rs.2,143.34. The price of gold in the international market increased by $6 to $1912 from $1906, the association reported.
The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, and high inflation. People prefer to buy this precious commodity in such times as a safe investment and a hedge. Data shared by the association showed the price of silver also fell by Rs50 per tola and Rs42.87 per 10 grams to settle at Rs2,500 and Rs2143.34, respectively. Despite an increase in the prices of bullion internationally, the local market saw a decline as the local currency recovered by Rs5 against the greenback.
