Gold price plunges in Pakistan amid global market slump

KARACHI: The price of gold witnessed a sharp decline of thousands of rupees on the fourth day of the business week, following the downward trend in the international market.

According to the Sindh Sarafa Bazaar Association, the price of gold per tola has decreased by Rs5,300, bringing the new price to Rs221,100.

In addition, after a decrease of Rs4,544 in the price of 10 grams of gold, it is currently priced at Rs189,558.

The drop in gold prices comes amid a strengthening US dollar and rising bond yields, which reduce the appeal of the precious metal as a safe-haven asset.

According to the data from Bullion Rates, the price of gold per tola in Pakistan was Rs229,000 on June 1, 2023 and reached its highest level of Rs258,000 on June 21, 2023.

However, since then, the price has been falling steadily and reached its lowest level of Rs226,400 on July 20, 2023.

The price of 10 grams of gold also followed a similar pattern, starting from Rs197,620 on June 1, 2023 and peaking at Rs221,200 on June 21, 2023. It then dropped to Rs192,560 on July 20, 2023.

The price of silver also declined by Rs50 per tola and Rs42.86 per 10 grams on Thursday. The new prices of silver are Rs2,590 per tola and Rs2,221.71 per 10 grams respectively.

The gold traders and investors are advised to keep an eye on the market fluctuations and make informed decisions accordingly.