After gaining over Rs. 7,000 per tola in the last three trading sessions, the price of gold fell on Monday.
According to the data issued by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold fell by Rs. 2,800 per tola and stood at Rs. 184,500 per tola. The price of 10 grams gold also fell by Rs. 2,041 per 10 grams to settle at Rs. 158, 179 per 10 grams.
The prices of gold remained volatile during the previous week with prices falling in the first three sessions but the week ended with three consecutive gains in the prices.
According to the association, the prices of gold are currently higher in Pakistan than in the international market.
One reason for the rapid increase in gold prices is perhaps the increasing interest of investors in the precious commodity. Investors are now preferring to park their savings in gold instead of the US dollar as the rupee continues to devalue.
