Gold prices in Pakistan continued to fall on Thursday evening as rates declined drastically in the local market that was expected to follow a similar movement in the global market.
As per the All Pakistan Saraffa Association, they have reduced the price of 24-karat gold by Rs1,400 bringing it to or selling it at the price of 355200 in terms of tola. Its 10 grams gold rate has also decreased by Rs1,201 to reach Rs304,526.
Gold has been regarded as a safe investment due to its rareness and durability. Over the centuries, people have resorted to it as a medium of securing their wealth and shielding against inflation. Investors purchase gold in various forms today, e.g. physical bars, futures contracts or as exchange-traded funds (ETFs).
People tend to flock to gold in the case of economies that are not operating on a sure footing because gold retains its value more than other assets. Osaka, London, New York, and Shanghai are the world trading centers of gold. Its price can however be susceptible to influences such as rates of interest, the health of currencies and world events.
Gold price on the global market went down by 14 dollars to 3,325 per ounce.
Gold Rates in Pakistan (per tola)
- Karachi: Rs355,200
- Lahore: Rs355,200
- Islamabad: Rs355,200
- Peshawar: Rs355,200
- Quetta: Rs355,200
- Sialkot: Rs355,200
- Hyderabad: Rs355,200
- Faisalabad: Rs355,200
Silver prices also declined. The rate of one tola silver declined to Rs3,935 and 10 grams of silver was at Rs3,375.
