Decrease of Rs500 in gold price per tola observed in Pakistan
Gold prices in Pakistan took a dip on Tuesday, following a similar trend in the international market. According to the All Pakistan Gold and Jewellers Association (APGJSA), the price of 10-gram gold dropped by approximately Rs. 1,400 per tola, from Rs. 356,600 to Rs. 355,200.
The international gold rate also experienced a decline, falling by about $14 per ounce. The APGJSA reported that the international gold rate was $3,356 per ounce today. This global drop in gold prices had a direct impact on the local market, causing the gold price per tola to decrease by Rs. 500 in the local market, to Rs. 355,700.
Interestingly, the silver price per tola remained stable in both the international and local markets. This means that the silver price per tola was Rs. 4,013 in Pakistan today, the same as it was yesterday.
The frequent fluctuations in Pakistan's gold prices are strongly influenced by movements in the international gold market. The local prices reflect these trends closely, aligning with the fall in the global gold rate on Tuesday, which generally drives the local market prices down.
It is worth noting that the international gold rate had a premium of $20 today, as reported by the APGJSA. This premium, however, did not seem to impact the local gold prices significantly.
In summary, gold prices in Pakistan decreased on Tuesday due to a drop in international gold rates, while the silver price per tola remained stable. The local gold price per tola decreased by Rs. 500, from Rs. 358,800 on Monday to Rs. 358,300 on Tuesday. The international gold rate was $3,356 per ounce today, after a decrease of $5 from the previous day. The APGJSA provided the information about the international gold and silver rates.
The international drop in gold rates, as well as the price of silver, has implications for the finance and industry sectors in Pakistan. For instance, the local gold industry may experience reduced profit margins as gold prices decrease, while the silver industry might benefit from the stability in silver prices. Moreover, the finance sector must adjust its investment strategies to account for these shifts in gold and silver rates.
