On Monday, November 6th, 2023, the gold market in Pakistan witnessed a slight decrease in prices, reflecting the downward trend observed in the international market. According to data provided by the All Pakistan Gems and Jewellers Association, the price of gold per tola fell by Rs400, settling at Rs214,200.
This decline was also mirrored in the price of 10-gram gold, which dropped by Rs343 to close at Rs183,642. The price of 24-karat gold currently stands at Rs214,000 per tola, while 22-karat gold is priced at Rs198,915 per tola. In terms of grams, 10 grams of 24-karat gold costs Rs186,050, and 10 grams of 22-karat gold stands at Rs170,545.
To the fluctuation in gold prices, the Pakistani rupee also faced pressure against the US dollar, depreciating by 0.34 percent on the first working day of the week. The rupee settled at Rs285.29 compared to Friday’s Rs284.31 against the US dollar.
Despite the recent dip, gold prices across various cities in Pakistan, including Lahore, Karachi, Islamabad, and Peshawar, remained stable at PKR 214,000. This stability indicates that the gold market in Pakistan is resilient, even in the face of international trends and local currency fluctuations.
The decline in gold prices comes amidst a period of economic uncertainty, with the Pakistani rupee continuing to weaken against major currencies. However, the gold market’s resilience provides a glimmer of stability for investors and consumers alike.