May 01, 2024
There will be no gold price announcement in Pakistan on Wednesday, May 1 as local market will be closed for Labour Day holiday.
Gadinsider will resume coverage of the gold price in Pakistan on Thursday, May 2.
A day earlier, the data released by All Pakistan Sarafa Gems and Jewellers Association showed the price of gold plunged by Rs2,000 per tola and Rs1,715 per 10 grams to settle at Rs241,900 and Rs207,390, 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.
