Business Desk
Apr 29, 2024
In line with the international market, gold price in Pakistan fell by Rs500 per tola as local market goes under correction days after registering massive gains.
The data released by All Pakistan Sarafa Gems and Jewellers Association showed that the price of gold fell by Rs500 per tola and Rs429 per 10 grams to settle at Rs243,900 and Rs209,105, respectively.
Gold price in Pakistan was on a rising spree last week in the local and international market as investors were taking refuge in the precious metal — considered a safe haven — due to escalation in geopolitical tensions.
It should be noted that the precious commodity touched an all-time high of Rs252,200 per tola on Saturday (April 20, 2024).
Today’s increase can be attributed to a decline in the gold prices in the international market — where per ounce price fell by $2 to settle at $2,335.
Bullion price in the international market touched a record high of $2,431.29 on April 12.
Meanwhile, silver price in the local market remained unchanged at Rs2,650 per tola and Rs2,271.94 per 10 grams, respectively.
Gold price in Pakistan is announced by the association, which determines gold prices in Pakistan for local markets six days a week from Monday to Saturday.
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.
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.
