Gold's price per tola dips by Rs3,300 in Pakistan
Gold prices took a tumble both here in Pakistan and globally this past week. In our local market, the price per tola of gold reached an astounding Rs348,700 after losing a hefty Rs3,300 on Friday. The 10-gram gold, too, saw a drop by Rs2,833 and was sold at Rs298,950, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On Thursday, the price per tola remained steady at Rs352,000.
The international rate of gold also plummeted on Friday. As reported by APGJSA, the rate was at $3,305 per ounce (with a premium of $20), showing a decline of $33 throughout the day.
While we saw silver prices creep up by Rs40 to settle at Rs3,497 per tola.
Recent fluctuations in the global gold market can be attributed to several factors, such as a decrease in safe-haven buying due to easing geopolitical tensions, shifts in monetary policy expectations, the U.S. dollar's resilience, and profit-taking following record highs.
In Pakistan, local market dynamics may also come into play, including currency depreciation, regulatory policies, and domestic demand. It's essential to follow local market reports for precise analysis of APGJSA rates to understand how global trends translate in Pakistan. With the global rate dropping to ~$3,318/ounce, the Pakistani market may witness downward pressure unless offset by rupee depreciation or local demand.
The gold prices in Pakistan took a tumble both locally and globally, causing the price per tola to reach an astounding Rs348,700 after losing Rs3,300 within a week. The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported a drop of Rs2,833 in the price of 10-gram gold, selling it at Rs298,950. Interestingly, while gold prices decreased, silver prices in Pakistan crept up by Rs40 to settle at Rs3,497 per tola. These market fluctuations can be attributed to various factors globally, including a decrease in safe-haven buying, shifts in monetary policy expectations, the U.S. dollar's resilience, and profit-taking following record highs. It's crucial to pay attention to local market reports and dynamics in Pakistan, such as currency depreciation, regulatory policies, and domestic demand, to understand how global trends translate within our local business and finance industry.
