Web Stories Monday, June 24

Gold Rate In Pakistan Today: Bullion Price Dip on Rupee’s Recovery

  • Gold rates in Pakistan dropped below Rs 244,000 per tola.
  • Internationally, gold prices dropped $7 per ounce, settling at $2,359.
  • The international bullion price reached a record high of $2,431.29 on April 12.

On Saturday, the price of gold in Pakistan slipped below Rs244,000 per tola as the Pakistani rupee showed signs of recovery against the US dollar. This prompted investors to divert their attention away from the yellow metal.

According to data provided by the All Pakistan Sarafa Gems and Jewellers Association, the price of gold in Pakistan witnessed a decline of Rs300 per tola and Rs257 per 10 grams, settling at Rs243,500 and Rs208,762, respectively.

Just a few weeks ago, on Saturday, April 20, 2024, the per tola gold price in Pakistan hit an all-time high of Rs 252,200. Over the course of the week ending May 11, 2024, gold gained Rs5,500 per tola.

The association highlighted that the price of gold in Pakistan is currently Rs3,000 per tola lower than the international market, indicating that the local market is relatively cheaper than the global market.

Gold, known as a hedge against inflation, experienced losses in the local market following the release of stronger-than-expected inflation data, which dropped to its lowest level since May 2022. This softened expectations of a rate cut, while a steady monetary policy further dampened investor sentiment.

In line with the trend in Pakistan’s domestic market, the price of gold lost $7 per ounce in the international market, settling at $2,359. The international bullion price reached a record high of $2,431.29 on April 12.

Meanwhile, the silver price in the local market remained unchanged at Rs 2,650 per tola and Rs 2,271.94 per 10 grams, respectively.

The gold price in Pakistan is determined by the association, which sets prices for local markets six days a week from Monday to Saturday. Being a relatively small market for gold globally, Pakistan meets its demand for the commodity through imports since it does not produce gold domestically.

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The gold rate in Pakistan is influenced by global market prices, the rupee-dollar exchange rate, and domestic demand and supply dynamics. The latest local market prices are set based on actual trade prices among buyers and sellers.

In recent times, the gold price in Pakistan has been volatile due to ongoing political and economic uncertainty and high inflation. During such periods, individuals often turn to gold as a safe investment and a hedge against economic instability.


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