Gold price drops by Rs600 per tola in Pakistan

WEB DESK: Gold prices witnessed a decline in Pakistan on Friday, as 24-karat gold saw a decrease of Rs600, reaching Rs245,000 per tola. Notably, this reduction places the price Rs4,000 below its actual cost for today.

The Karachi Sarafa Association shed light on this adjustment, attributing it to the significant decline in purchasing power. Accordingly, the decision was made to keep the price of gold lower by Rs4,000, in response to prevailing economic conditions.

Contrastingly, in the previous week, 24-karat gold had recorded an increase of Rs5,500 per tola. However, the current trend reflects a downward shift in prices.

Providing further insights, the association disclosed that the price of 24-karat gold now stands at Rs210,048 per 10 grammes, marking a decrease of Rs514. Similarly, 22-karat gold is being quoted at a reduced rate of Rs192,544 per 10 grammes.

In parallel, the silver market remained stable, with prices unchanged domestically. 24-karat silver is being traded at Rs2,730 per tola and Rs2,340.53 per 10 grammes.

As the market dynamics continue to evolve, stakeholders are closely monitoring fluctuations in precious metal prices, which are influenced by both local and global factors.

Read next: PKR gains 19.5 paisa against USD