People buy jewellery at a jewellery store, on October 22, 2022. — AFP/File

KARACHI: The gold price in Pakistan declined in the outgoing week on Saturday after a two-day increase following a loss in the prices in the international market. 

The price of gold (24 carats) decreased by Rs1,700 per tola and Rs1,458 per 10 grams to settle at Rs221,700 and Rs190,072, respectively, according to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA). 

Meanwhile, the price of the yellow metal decreased by $7 to settle at $1,958 per ounce in the international market today.

The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, high inflation, and currency depreciation. People prefer to buy yellow metal in such times as a safe investment and a hedge.

The market had seen a major decline due to several reasons including the international rates, Biparjoy and the post-budget blues.

Data shared by the association showed the price of silver remained unchanged at Rs2,650 per tola and Rs2,271.94 per 10 grams, respectively.

Meanwhile, the local currency also appreciated against the dollar by Rs0.18 or 0.06% and closed at Rs287.19 in the interbank market on Friday.

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