On November 1, 2023, the domestic gold market in Pakistan experienced a decrease in prices. According to data provided by the All Pakistan Gems and Jewellers Association, the price of gold per tola fell by Rs1,200, settling at Rs211,800. This drop came as a surprise, especially considering the upward trend that was observed in both local and international markets just a day prior.
The cost for 10 grams of gold also saw a reduction. It went down by Rs1,029, reaching Rs181,584 in the domestic market. This downward shift in prices was not exclusive to the Pakistani market. Internationally, the price of gold also decreased, settling at $1,996 after shedding $19 per ounce.
This plunge in gold prices came after a period of gains. On the previous Tuesday, the price of per tola gold had increased by Rs900, settling at Rs213,000. Similarly, the price of 10 grams of gold had witnessed an increase of Rs771, reaching Rs182,613.
Despite the fluctuations in the gold market, the Pakistani rupee remained largely stable against the US dollar and other currencies. In the open market, the US dollar was quoted at Rs280.05 for buying and Rs283.25 for selling.
The sudden drop in gold prices has left market watchers intrigued, as they try to understand the factors behind this unexpected turn of events. As the situation unfolds, it remains to be seen how the gold market will perform in the coming days.