Tuesday saw a fall in the price of gold in Pakistan for the second straight day, despite a gain in the global rate.
The price of gold (24 carats) declined by Rs 1,700 per tola and Rs 1,458 per 10 grammes to reach Rs 232,800 and Rs 199,588, respectively, according to data published by the All Pakistan Sarafa Gems and Jewelers Association (APSGJA).
Last week, the price of gold per tola decreased by a total of Rs1,100, and on Monday of this week, it decreased by an additional Rs1,700.
In the meanwhile, the price on the world market increased by $11 to finish at $1,956 per ounce.
The price of safe-haven bullion has recently been unstable on the global market. But on Tuesday, it recovered from its lowest point in more than two months as investors remained concerned about talks on raising the US debt ceiling and the value of the US dollar dropped from a high.
The first-ever US default would occur if the debt ceiling, which is presently set at $31.4 trillion, is not lifted in the coming days.
A potential increase in interest rates, which would lower gold’s value, also kept investors on edge. In the meanwhile, Pakistan’s gold price has fluctuated recently due to the country’s ongoing political and economic unrest, rising inflation, and currency devaluation.
According to statistics from the State Bank of Pakistan, the rupee increased Re0.07 or 0.02% versus the US dollar in the interbank market on Tuesday, finishing at Rs285.35.
The pricing of silver remained steady at Rs2,850 per tola and Rs2,443.41 for 20 grammes, according to information provided by the jeweler’s association.
