Gold price further drops in Pakistan

KARACHI: The price of gold in Pakistan has fallen by Rs1,200 per tola, according to the latest data from the All Sindh Saraf and Jewellers Association (ASSJA).

The new rate of gold per tola is Rs217,000, down from Rs218,200 on Thursday.

Similarly, the price of 10 grams of gold has decreased by Rs1,028 to reach Rs186,430 from Rs 187,458. The decline in gold prices is attributed to the global trend of lower demand and higher supply of the precious metal.

According to the international market, gold prices dropped by $9 to $1,783 per ounce on Friday. The ASSJA updates the gold rates twice a day on its website, based on the fluctuations in the international market.

Gold is considered a safe haven asset by many investors, especially in times of economic uncertainty and inflation.