Gold price per tola in Pakistan largely stable
ISLAMABAD: (Web Desk) Gold prices in Pakistan remained relatively stable on Friday, despite experiencing a significant decline over the past month.
This decline has been primarily driven by the remarkable recovery of the Pakistani rupee against the US dollar. In addition, actions taken by the caretaker government to curb illegal activities in the bullion and currency markets have contributed to this downward trend, resulting in a potential drop of Rs18,000 per tola in the last 30 days.
As of Friday, the price of gold per tola was quoted at Rs197,100, showing a minor decrease of Rs100 during the day. This is noteworthy given the international gold rates increased by up to $7. To provide this information, we refer to data shared by the All Pakistan Gems and Jewelers Sarafa Association (APGJSA).
Comparing Friday’s rate to September 12, the difference is striking, with a nearly Rs18,000 reduction in the price of gold per tola.
This decline in gold prices in Pakistan aligns with the consistent strengthening of the Pakistani rupee against the US dollar. Over the past 27 consecutive sessions, the local currency has appreciated by more than 10% since hitting a record low of 307.1 in the interbank market on September 5.
Furthermore, the caretaker government’s ongoing efforts to combat illegal economic activities, such as smuggling, hoarding, and price manipulation, have significantly contributed to the decrease in gold prices. The interim government has taken measures, including forming a task force comprising law enforcement and intelligence agencies, to take decisive action against illegal activities in the gold market and the smuggling of precious metals.
It is worth mentioning that some traders had refrained from disclosing gold rates as discussions continued on ways to ensure the market remained free from speculation following the government’s crackdown. The bullion market resumed operations this week after a month-long hiatus, witnessing a substantial drop of Rs15,500 per tola in the price of 24-carat gold on Thursday, which was priced at Rs168,981 for 10 grams.
In the international market, the rate of gold per ounce was recorded at $1,892 on Friday, marking a $7 increase from the previous close. Notably, international gold rates are also lower compared to the previous month when, on September 12, the gold price stood at $1,911 per ounce.
Meanwhile, silver rates remained unchanged at Rs2,500 per tola on Friday.
