Gold Price in Pakistan Drops Rs5,600 to Rs448,336 Per Tola
KARACHI, PAKISTAN — WEB DESK: Gold prices recorded another sharp decline in Pakistan on Thursday, with the price of 24-karat gold falling by Rs5,600 per tola to Rs448,336, tracking weakness in the international bullion market.
According to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10 grams of 24-karat gold decreased by Rs4,801 to Rs384,375. Mettis Global independently reported the same local rates based on APGJSA data.
The latest decline follows a Rs1,800-per-tola fall on Wednesday, when gold had closed at Rs453,936. That means the precious metal has lost Rs7,400 per tola across the two sessions.
In the international bullion market, gold declined by $56 per ounce to $4,258, according to Express Urdu and Business Recorder.
Mettis Global separately reported spot gold trading around $4,250 an ounce during the session, down about 0.9%, illustrating that international spot prices continued moving after the benchmark local rate was set.
Gold Rate in Pakistan — September 24
The latest APGJSA-based rates show 24-karat gold at Rs448,336 per tola and Rs384,375 per 10 grams. The 22-karat rate was quoted at Rs352,356 per 10 grams.
Thursday’s Rs5,600 decline represents a fall of roughly 1.23% from Wednesday’s Rs453,936-per-tola level.
Gold prices in Pakistan generally respond to movements in international bullion, the rupee-dollar exchange rate and conditions in the domestic bullion market. Because global spot prices trade continuously, international quotations can differ depending on the time they are recorded.
Silver Price Also Falls Sharply
Silver followed gold lower in Pakistan’s domestic market.
The price of silver fell by Rs171 per tola to Rs6,837, compared with Rs7,008 in the previous session. The price of 10 grams of silver declined by Rs147 to Rs5,861.
Express Urdu’s report contains an apparent inconsistency in its 10-gram silver figure, listing Rs5,081, while Mettis Global reports Rs5,861, consistent with the stated Rs147 decline. For publication, the APGJSA-based Mettis Global figure is therefore the better-supported value.
Why Are Gold Prices Falling?
International gold was under pressure as expectations of tighter US monetary conditions weighed on the non-yielding precious metal. Mettis Global reported that expectations surrounding further US Federal Reserve tightening were among the pressures affecting bullion during Thursday’s session.
Gold had already been declining internationally before Thursday. The domestic market consequently experienced a second consecutive significant fall, taking the local 24-karat benchmark below the Rs450,000-per-tola level.
Despite the latest decline, bullion markets remain volatile. International monetary-policy expectations, geopolitical developments, currency movements and energy-market conditions can cause rapid changes in both international and Pakistani precious-metal prices.
Consumers and investors should also note that benchmark bullion rates do not necessarily equal the final retail price of jewellery, which may include making charges and other costs.
