Karachi: A notable dip in gold prices was seen on Wednesday as the local currency regained strength against the dollar.
Data from the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) revealed a significant decrease of Rs2,400 per tola in the price of 24-carat gold, bringing it down to Rs222,100.
Simultaneously, the rate of 24-carat gold per 10 grams experienced a decline of Rs 2,058, landing at Rs 190,415.
Despite these local trends, international gold prices saw an uptick, with an increase of $12, positioning the precious metal at $1,972 per ounce in the global market.
In Pakistan, the gold price witnessed a substantial fall as the rupee showed resilience against the US dollar, interrupting a string of eight successive losses.
The performance of gold in Pakistan needs to be consistent due to skyrocketing inflation and significant rupee devaluation. Amid such uncertain economic conditions, investors have leaned towards gold as a reliable investment option.