ISLAMABAD: After the continued appreciation of local currency against the dollar for the last three days, the price of gold in the local market is also coming down with the same pace. On Thursday, the per tola price of 24 karats of gold witnessed another significant decrease by Rs.5,800 and was sold in the market at Rs. 216,500 against its previous day sale of Rs. 222,300.
Meanwhile, as reported by All Sindh Sarafa Jewellers Association the price of 10 grams of 24 karats of the precious metal decreased by Rs.4972 to close at Rs.185,614 from its previous rate of Rs.190,586 whereas the price of 10 grams of 22 karats of gold went down to Rs.170,146 from last day price of Rs.174,704.
The price per tola and 10 grams of the white plate (silver) went down by Rs 50 and Rs 42.87 to settle at Rs 2650 and Rs 2271.94, respectively.
Like the local market, the price of the yellow metal in the international market also went down and witnessed a decrease by $5 to settle at $1,921 per ounce from its last-day rate of $1,926 per ounce.
Volatile Gold Price in Pakistan
The price of the precious metal remained highly volatile in Pakistan due to different reasons, including the economic and political unrest and the price in the international market. In May 2023, the local market experienced the highest-ever price of Rs 2,40,000 per tola, however after the standby agreement with the IMP on 30th June, followed by the inflow of dollars from IMF, Saudi Arabia, and UAE, the price of gold came down to Rs 2,4500 in middle of July.
But after the caretaker government took charge in the middle of August, last month, the price of the precious metal witnessed a sharp rise and till the start of this month, it price reached again to the highest level at Rs,239,000 per tola.
However, the recent announcement by the government to take corrective measures against all illegal activities resulted appreciation of the local currency and a decline of gold price in the local market.
