[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]The international gold market witnessed a $5 per ounce decrease, settling at $2,333. In Pakistan, the current gold price stands at Rs 240,000 per tola and Rs 205,761 per 10 grams. On April 20, 2024, gold soared to an all-time high of Rs 252,200 per tola.
Continuing its downward trend, the gold price in Pakistan dropped by Rs 200 per tola for the fifth consecutive session, in line with the slight dip in the global market. As per the All Pakistan Sarafa Gems and Jewellers Association, gold prices in Pakistan declined by Rs 200 per tola and Rs 172 per 10 grams, settling at Rs 240,000 and Rs 205,761, respectively. This drop follows a week where gold prices surged by Rs 7,500 per tola until May 18, 2024.
Read more: Gold Experiences Minor Decreases in Pakistan
Interestingly, local gold rates are currently Rs 4,000 per tola lower compared to the international market, indicating a relative affordability in the domestic market.
Gold, often regarded as an inflation hedge, faced losses locally following unexpectedly robust inflation data, dampening investor expectations of a rate cut and steadying monetary policy.
Meanwhile, the international gold price, which had hit a record high of $2,431.29 on April 12, experienced a recent decline. Conversely, silver prices in the local market remained steady at Rs 2,800 per tola and Rs 2,400.54 per 10 grams.
The All Pakistan Sarafa Gems and Jewellers Association updates gold prices in Pakistan six days a week, excluding Sundays. Pakistan, although a minor player in the global gold market, fulfills its gold demand through imports due to its lack of local production.
Various factors, including global market dynamics, exchange rates, and local supply and demand, contribute to determining gold rates in Pakistan. Recent fluctuations in gold prices stem from ongoing political and economic uncertainties and persistently high inflation, prompting individuals to seek gold as a secure investment and protection against inflation.[/vc_column_text][/vc_column][/vc_row]
