Gold price falls to Rs220,900 per tola

ISLAMABAD: Gold prices maintained their downward journey in the country after going down for the last three successive weeks, with the price of one tola of 24-karat gold dipping by Rs400.
According to the All-Pakistan Gems and Jewellers Association’s (APSGJA) data, the price of one tola of 24-karat gold decreased by Rs400 to Rs220,900 from Rs221,700. Similarly, the gold rate for 10 grams of 24-karat moved down to 189,390 from Rs190,070. Following suit, the gold price for 22-karat was recorded at Rs 202,490 per tola and Rs173,600 per 10 grams.
Gold prices in the country eased by Rs5,550 (-2.44 percent) per tola last week, falling for the third straight week, while gold prices in the international bullion markets edged lower by 0.13 percent after rising for two consecutive weeks.
The domestic gold market has been volatile for the last 15 months due to economic and political turmoil, high inflation, and currency depreciation. People prefer to buy the yellow meta in such times as a safe investment and a hedge to protect themselves against inflation and currency depreciation. The delay in the revival of the IMF programme negatively impacted the currency market which in turn is bolstering demand for gold. – TLTP