Business Desk 
Feb 28, 2024
Gold price in Pakistan lost its shine on Wednesday in line with the developments in the international market.
The data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that gold rate in Pakistan (24 carats) declined by Rs1,100 per tola and Rs944 per 10 grams to settle at Rs214,800 and Rs184,156, respectively.
Meanwhile, the price of the yellow metal lost $8 per ounce settling at $2,048 in the international market today.
Last week, gold price in Pakistan rose by Rs800 per tola during the week ended February 24, 2024.
Gold price in Pakistan has been volatile in Pakistan recently amid continued political and economic uncertainty and high inflation. People prefer to buy this precious commodity in such times as a safe investment and a hedge.
Pakistan is a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the precious metal locally.
Accordingly, the gold rate in Pakistan is determined by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in domestic markets. The latest price for local markets was determined to keep in view the prices at which trade took place among buyers and sellers.
On the physical side, demand for gold in Pakistan picked up pace this week as some consumers bought into a retreat in domestic prices as the wedding season will kick off immediately after Ramadan.
Data shared by the association showed the price of silver remained unchanged at Rs2,570 per tola and Rs2,203.36 per 10 grams, respectively.
It also mentioned that the price of the bullion is made plus $20 premium in international gold rate.
