Gold price in Pakistan decreases by Rs2,300 per tola.
Gold Prices Plummet in Pakistan, Following International Market Trends
On a bleak Saturday, gold prices in the local Pakistani market took a dive, mirroring the international market's downward spiral. The price per tola of gold sank to an alarming Rs342,200, shedding a hefty Rs2,300.
Similarly, 10-gram gold took a hit, selling for Rs293,381 after a steep drop of Rs1,972, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The previous day, gold prices had already taken a beating, with the price per tola reaching Rs344,500 after a sizeable Rs1,300 decline.
Internationally, the gold rate also experienced a decline on Friday. As per APGJSA, the rate was at $3,263 per ounce (with a premium of $20), a decrease of $13 during the day.
While silver prices managed to cling onto their value in Pakistan, remaining at Rs3,427 per tola, the precise comparison between Pakistani gold prices and international rates wasn't explicitly provided in the available data. However, the Karachi Sarafa Bazar Association typically bases local prices on international benchmarks like the London Bullion Market.
Key factors influencing the Pakistani gold market include international gold prices, rupee-dollar exchange rates, local market dynamics, and geopolitical factors, according to the available data. No direct cause for the recent decline in gold prices was specified in the provided results, suggesting either stable prices or insufficient data on the exact movement relative to previous days. For a precise international comparison, real-time global gold benchmarks would need cross-referencing, which isn't included in the sources.
- The decrease in gold prices in Pakistan, as seen on a bleak Saturday, paralleled the drop in silver prices, remaining steady at Rs3,427 per tola.
- The price decline for 10-gram gold, down to Rs293,381 after a steep drop of Rs1,972, mirrored the international market's trend as well.
- The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported that the international gold rate also experienced a decline, with the rate at $3,263 per ounce (with a premium of $20), a decrease of $13 during the day.
- The gold industry in Pakistan, influenced by international gold prices, rupee-dollar exchange rates, local market dynamics, and geopolitical factors, witnessed a significant drop in prices that didn't have a directly specified cause.
