KARACHI: The price of gold in Pakistan continued to fall, by Rs1,500 per tola in fact on Friday, as it did throughout the world’s gold market, falling by $10 to $1,919 per ounce today but the Pakistani rupee remained stable against the greenback, increasing only fractionally by Rs0.01 and closing at Rs. 286.74 in the interbank market on Friday.
The All-Pakistan Sarafa Gems and Jewellers’ Association (APSGJA) announced that the price of gold (24 carats) decreased by Rs1,500 per tola and Rs1,285 per 10 grams to settle at Rs. 217,000 and Rs. 186,043.
Persistent political and economic upheavals and high inflation have made gold behave more like quicksilver in Pakistan recently. People prefer to buy this precious commodity in such times as a safe investment and a hedge. The price of silver however is still Rs2,550 per tola and Rs2,186.21 per 10 grams.
The Pakistani gold market is currently cheaper than the international market, with bullion at Rs 4,000 per tola “undercost” in Pakistan.
