The All Pakistan Gems and Jewelers Association has announced a significant decrease in gold prices in Pakistan, influenced by changes in the global market.
The latest update reveals that the price of 24-karat gold has dropped by Rs. 5,400 per tola, setting the new rate at Rs. 276,800. Additionally, 10 grams of 24-karat gold have seen a reduction of Rs. 4,630, now priced at Rs. 237,311. The 22-karat gold rate per 10 grams remains stable at Rs. 217,535.
This decline aligns with recent trends in the international gold market, where prices have been affected by global economic factors and fluctuations in supply and demand. Currently, the international price of gold is around $2,662 per ounce.
Previously, gold prices in Pakistan had been on the rise, with rates per tola climbing by Rs. 1,600 to reach Rs. 285,000 as of October 29. Earlier in the week, the price had settled at Rs. 283,400 after a Rs. 900 decrease, following a spike in international prices to $2,755 per ounce (including a $20 premium), reflecting a $16 increase for the day.
Gold prices continue to show volatility as international market conditions shift, influencing local rates and investor interest in precious metals.
