On Monday, October 30th, 2023, the domestic gold market in Pakistan experienced a notable decline in prices. This came as a surprise as it was the first day of the new business week and followed a period of significant gains in the previous week.
According to data shared by the All Pakistan Gems and Jewellers Association, the price of gold per tola (a traditional South Asian unit of mass) dropped by Rs1,200, settling at Rs212,100. This marked a significant decrease from the previous rate of Rs214,000.
In addition to the drop in per tola prices, the cost for 10 grams of gold also saw a reduction. The price went down by Rs1,028, reaching Rs181,842 in the domestic market. This was a considerable decrease from the earlier price of Rs183,471 for 10 grams of 24-karat gold.
Interestingly, this decline in domestic gold prices occurred despite an upward trend in the international market. Over the weekend, the per tola price of gold had increased by Rs2,000, settling at Rs213,300. Similarly, the price of 10 grams of gold surged to Rs182,000 after seeing an increase of Rs1,714 in the domestic market.
However, despite these fluctuations, gold prices across various cities in Pakistan, including Lahore, Karachi, Islamabad, Peshawar, Quetta, Sialkot, Attock, and Gujranwala, remained consistent at Rs214,000 per tola.
The decline in gold prices is significant for the Pakistani market, given the precious metal’s status as a safe investment during times of economic uncertainty. It remains to be seen how this will impact the market in the coming days and whether this trend will continue or reverse.