- Gold prices in Pakistan dropped for the second consecutive session this week.
- The price of 24-carat gold decreased by Rs900 per tola and Rs771 per 10 grams.
- Gold prices in Pakistan are now Rs240,600 per tola and Rs206,276 per 10 grams.
ISLAMABAD: Gold prices in Pakistan registered losses for the second consecutive session this week, continuing a downward trend seen in the international market. On Wednesday, the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported a significant decrease in gold prices, reflecting global trends.
According to APSGJA, the price of 24-carat gold in Pakistan decreased by Rs900 per tola and Rs771 per 10 grams, bringing the prices to Rs240,600 per tola and Rs206,276 per 10 grams, respectively. This drop comes after gold prices in Pakistan hit an all-time high of Rs 252,200 per tola on April 20, 2024.
The association noted that gold is currently priced at Rs 1,500 per tola “undercost” in Pakistan compared to the international market, indicating that the local market is cheaper than the global average. This decline in local gold prices follows stronger-than-expected inflation data, which reached its lowest level since May 2022, dampening expectations of a rate cut.
Internationally, gold rates decreased by $13, settling at $2,313 per ounce. The global bullion market recently saw a record high of $2,431.29 per ounce on April 12. In contrast, silver prices in Pakistan remained stable at Rs 2,850 per tola and Rs 2,443.41 per 10 grams.
Gold prices in Pakistan are determined by the APSGJA six days a week, from Monday to Saturday. The country, which does not produce gold locally, relies on imports to meet its demand. Consequently, local gold prices are influenced by global market rates, the rupee-dollar exchange rate, and domestic demand and supply.
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Recently, gold prices in Pakistan have been particularly volatile, influenced by the federal government’s annual budget announcement. In times of economic uncertainty, many people turn to gold as a safe investment and a hedge against inflation.
With the current trends, gold investors and consumers in Pakistan remain cautious as they monitor both local and international market movements.
