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The All Pakistan Gems and Jewelers Association recently announced a significant decrease in local gold prices, attributing the change to international market fluctuations.
The association reported that the rate for 24-karat gold has dropped by Rs. 5,400 per tola, bringing the new price to Rs. 276,800. For 10 grams, the rate for 24-karat gold decreased by Rs. 4,630, now at Rs. 237,311.
The price for 22-karat gold per 10 grams remains stable at Rs. 217,535. This recent decline in prices reflects adjustments in the global gold market, where values have seen downward pressure due to various economic factors.
In the international market, he price of gold is around $2,662 per ounce while , gold rates are usually influenced by shifts in demand and supply, as well as the broader economic environment impacting commodities.
As of October 29, gold prices in Pakistan continued their upward trajectory, with the local price per tola increasing by Rs1,600 to reach Rs285,000 on Tuesday, reflecting a surge in international markets.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price for 10 grams of gold also saw a rise, increasing by Rs1,372 to Rs244,342.
On Monday, the price of gold had dropped by Rs900, settling at Rs283,400. However, internationally, gold prices saw an increase on Tuesday as well. The APGJSA reported that the price of gold had risen to $2,755 per ounce (including a $20 premium), marking a $16 gain during the day.
