In the international market, the price of gold experienced a modest increase of $2 per ounce, reaching $2,315. However, the gold rate in Pakistan took a different turn on Thursday, marking a notable decline.
As per data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) in Pakistan dropped by Rs1,200 per tola and Rs1,029 per 10 grams, settling at Rs240,700 and Rs206,361, respectively.
This decline comes after a recent peak where the per-tola gold price in Pakistan reached an all-time high of Rs 252,200. Despite this decrease, the association highlighted that the local gold market remains Rs 1,500 per tola cheaper compared to the international market.
Gold, known for its role as a hedge against inflation, saw losses in the domestic market following stronger-than-expected inflation data, dampening expectations of a rate cut. Additionally, a stable monetary policy contributed to subdued investor sentiment.
Similarly, in the global market, gold prices saw a slight uptick of $2 per ounce, settling at $2,315. The bulk price reached a record high of $2,431.29 earlier in April.
[embedpost slug="/gold-rate-in-uae-today-gold-rate-in-dubai-13-june-2024/"]
Meanwhile, silver prices remained stable in the domestic market at Rs 2,750 per tola and Rs 2,357.68 per 10 grams.
The gold rate in Pakistan, determined by the association, considers world market prices, the rupee-dollar exchange rate, and local demand and supply dynamics. This recent price adjustment reflects ongoing market trends amidst political and economic uncertainties, high inflation, and the preference for gold as a safe investment and hedge during uncertain times.
