LAHORE MIRROR (Monitoring Desk) — Gold price in Pakistan Thursday dropped more than Rs2,000 a day after hitting a historic high, with analysts terming the fluctuations in the international market as the reason behind today’s decline.
According to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the rate of gold (24 carats) decreased by Rs2,700 per tola and Rs2,314 per 10 grams to reach Rs237,300 and Rs203,447, respectively.
In the international market, the rate of gold stood at $2,038 per ounce after an increase of $7.
The precious metal’s price rose to Rs240,000 per tola after it saw a massive increase of Rs9,900 due to the ongoing political turmoil that came after Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan.
With the economy already in dire straits, people prefer to buy yellow metal to protect themselves against inflation and currency depreciation.
The weekly inflation hit an all-time high of 48.35% year-on-year (YoY) with prices of chicken and wheat flour increasing during the seven-day period ending May 4.
SOURCE: GEO NEWS
