- Web Desk Karachi
- 2 Hours ago
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Gold price declines Rs900 per tola in local market
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- Web Desk
- Oct 28, 2024
KARACHI: Gold price in Pakistan declined on the first trading day of the week as the rate for per tola gold was recorded down by Rs900.
According to All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), which releases gold prices on a daily basis, the price of precious metal was quoted at Rs283,400 per tola in the local bullion market.
The decline in gold rates was also recorded down in the international market. as per the rates shared by APGJSA, the price of per ounce gold dropped by $9 per ounce to $2,739. This price also includes a premium of $20.
In the previous session, gold price had increased by Rs2,000 and ended the week at Rs284,300 per tola.
According to experts, as gold is seen as a hedge during unstable economic and geopolitical conditions, the sudden rise in gold demand is due to the Middle East conflict, which spurred demand for the precious metal, along with the uncertainty around the upcoming US elections.
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