The price of gold in Pakistan fell by Rs6,500 to close at Rs230,800 on Monday, as political conditions improved. The decline in gold prices suggests that investors are becoming more optimistic about the political situation in the country.
The price of gold had surged by Rs10,000 on Friday, following the news of the arrest of former Prime Minister Imran Khan. Investors had flocked to gold, which is seen as a safe haven asset during times of political uncertainty.
However, Khan was released on Saturday, and the political situation in Pakistan appears to be stabilizing. This has led to a decline in the price of gold, as investors are no longer as worried about the future of the country.
The price of silver also fell by 9.68% to close at Rs2,800 on Monday. The prices of other commodities also witnessed swings, with the price of 10-gram 24-karat gold reaching Rs197,874 and 10-gram 22-karat gold standing at Rs181,384.
International spot gold is currently trading at $2,009.03, down -0.28% on the day.
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