price of gold
The price of gold in Pakistan continued its downward trend for a third day in a row on Wednesday, falling by Rs800 per tola. This marks the third consecutive day that the gold price has fallen. The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported that the price of gold (24 carats) decreased to Rs227,300 per tola, which is equivalent to a loss of Rs800. This price represents a loss in value. In addition, the price of 10 grammes of gold dropped by Rs686, and it finally settled at Rs194,873.
Concurrently, the price of gold fell by $3 on the worldwide market, and it eventually settled at $1,961 per ounce. This occurred at the same time as the previous sentence. On the domestic market, the price of gold has been volatile throughout the course of the previous week, experiencing a drop of Rs1,600 just in the past week (June 3). The cost of one tola of gold has reduced by a combined Rs4,100 over the course of the past three days.
A number of factors, including persistent political and economic unpredictability, high inflation, and currency devaluation, are likely to blame for the erratic behaviour of the gold price in Pakistan. People have a tendency to put their money into gold during times like these because it is regarded as a secure investment and a hedge against economic uncertainty.The association’s data reveals that the price of silver has also decreased, with a decrease of Rs50 to reach a final price of Rs2,600 per tola and Rs2,229.08 per 10 grammes, respectively.
According to the jewellers’ organisation, the price of gold in Pakistan is approximately Rs4,000 lower than the price of gold on the gold market in Dubai. This is an important fact to keep in mind.In addition to shifts in the price of gold, the local currency, the Pakistani Rupee, has depreciated against the United States dollar by Rs0.33, which is equivalent to a 0.11% loss. On Wednesday, it reached a high of Rs286.88 before falling to its final price in the interbank market.
The current market conditions, which are impacted by global trends, economic considerations, and currency changes, are reflected in the general downward trend in gold prices that has been observed in Pakistan during the previous three days. Individual investors and investment firms alike continue to keep an eye on these shifts and make choices based on their analysis of the current state of the economy and the plans they have in place for their portfolios.