The price of gold in Pakistan experienced a significant drop on Tuesday, following a minor increase just a day before. The cost per tola plummeted by Rs. 4,500, marking a substantial shift in the market.
This information was released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), a reputable source for data on the country’s precious metals market. According to their report, the price of 24-carat gold decreased from its previous value to Rs. 204,500 per tola. Additionally, the price for 10 grams of gold also fell by Rs. 3,858, closing at Rs. 175,326.
This decrease is not an isolated incident. It marks the second major drop in the price of gold in recent weeks. Just last week, the price of gold declined by Rs. 8,800 per tola on Monday. Despite a three-day rally that followed, the cumulative price of gold still fell by Rs. 7,800 per tola over the course of the week.
On the international front, spot gold saw an increase of 0.7 percent, reaching $1,937.70 per ounce at 1011 GMT. Similarly, US gold futures also climbed by 0.7 percent, settling at $1,943.60. This contrast between the local and international markets adds another layer of complexity to the dynamics of the gold market in Pakistan.
The gold market in Pakistan has been experiencing significant fluctuations, with the most recent being a sharp decrease of Rs. 4,500 per tola. These changes are noteworthy and warrant close attention from investors and stakeholders in the precious metals market.
