- The price of gold in the international market fell by $5 per ounce to $2,333.
- The current price of gold in Pakistan is Rs 240,000 per tola and Rs 205,761 per 10 grams.
- On April 20, 2024, gold in Pakistan reached an all-time high of Rs 252,200 per tola.
As reported by the All Pakistan Sarafa Gems and Jewellers Association, the price of gold in Pakistan decreased by Rs 200 per tola and Rs 172 per 10 grams, settling at Rs 240,000 and Rs 205,761, respectively. The gold price in Pakistan reached an all-time high of Rs 252,200 per tola on April 20, 2024, with a cumulative gain of Rs 7,500 per tola during the week ending May 18, 2024.
The association also noted that gold in Pakistan is Rs 4,000 per tola “undercost” compared to the international market, indicating that the local market is currently cheaper than the global market.
Gold, traditionally seen as a hedge against inflation, registered losses in the local market following stronger-than-expected inflation data, which fell to its lowest level since May 2022. This data softened expectations of a rate cut and, coupled with steady monetary policy, dampened investor sentiment.
Similarly, the international gold price reached a record high of $2,431.29 on April 12 before the recent decline. In contrast, the price of silver in the local market remained stable at Rs 2,800 per tola and Rs 2,400.54 per 10 grams.
The All Pakistan Sarafa Gems and Jewellers Association announces the gold price in Pakistan, setting local market prices six days a week, from Monday to Saturday. Pakistan, a small player in the global gold market, meets its gold demand through imports, as it does not produce the precious metal locally.
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The gold rate in Pakistan is determined by considering global market prices, the rupee-dollar exchange rate, and local market demand and supply. The recent volatility in gold prices in Pakistan can be attributed to ongoing political and economic uncertainty and high inflation. In such times, people prefer to invest in gold as a safe investment and hedge against inflation.
