Pakistani Gold Market records a massive number of decreases in prices.
The dip came a day after gold surged to a new all-time high of Rs257,300 per tola (11.66 grams) in Pakistan. The surge was attributed to weaker US employment data and escalating political tensions in the Middle East.
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According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola decreased by Rs500, bringing the new rate to Rs256,800.
The price of 10 grams of 24 karat gold also decreased by Rs.429 to Rs.220,165 from Rs.220,593 whereas the prices of 10 gram 22 karat gold went down to Rs.201,817 from Rs.202,210, the All Sindh Sarafa Jewellers Association reported.
The price of per tola and ten-gram silver remained constant at Rs.2,900 and 2,486.28 respectively.
The price of gold in the international market decreased by $15 to $2,443 from $ 2,458, the Association reported.
Yesterday, the rate of per tola of 24 karat gold increased by Rs.2,400 and was sold at Rs. 257,300.
The rate of 10 grams of 24 karat gold also increased by Rs. 2,057 to Rs. 220,593 from Rs. 218,536 whereas that of 10 gram 22 karat gold went up to Rs. 202,210 from Rs. 200,324, the All Sindh Sarafa Jewellers Association reported.
The price of per tola and ten gram silver remained stagnant at Rs2,900 and Rs.2,486.28 respectively.
The rate of gold in the international market increased by $26 to $2,458 from $2,432, the Association reported.
Market analysts attribute the rise in rates to various factors, including fluctuations in the international market, currency exchange rates, and economic conditions.
