In Pakistan, the price of gold has dropped by a lot, especially in the last four days. Simply put, the price of a tola of gold fell by Rs. 26,600 during this time. But what caused this drop all of a sudden?
The price of 24k gold started the week at Rs. 239,100 per tola, according to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA). As the week went on, however, things went from bad to worse.
On Tuesday, the price dropped by Rs. 6,300 per tola, and on Wednesday, it fell by Rs. 10,500 per tola, which was the most in a week. Thursday wasn’t any better, as the price of a tola went down by Rs. 5,800. This trend kept going down until Friday when the price for a tola was Rs. 212,500.
The price of gold is affected by many things. The foreign market is one of the main reasons for the current drop. Spot gold went up by 0.2% to $1,923.63 per ounce on the world market, while US gold futures went up by 0.3% to $1,947.60 per ounce. Changes in the world market have a direct effect on the price of gold in Pakistan.
Gold Price in Pakistan
| Gold Rate | 24K Gold Rate Today | 22K Gold Rate Today |
|---|---|---|
| per Tola Gold | Rs. 207,250 | Rs. 192500 |
| per 10 Grams | Rs. 180041 | Rs. 165038 |
| per Gram Gold | Rs. 18004 | Rs. 16504 |
| City | Gold Price (PKR) | Silver Price (PKR) |
|---|---|---|
| Lahore | 207,250 | 2,648 |
| Karachi | 207,200 | 2,648 |
| Islamabad | 207,300 | 2,648 |
| Peshawar | 207,350 | 2,648 |
| Quetta | 207,400 | 2,648 |
| Sialkot | 207,400 | 2,648 |
| Attock | 207,400 | 2,648 |
| Gujranwala | 207,400 | 2,648 |
| Jehlum | 207,400 | 2,648 |
| Multan | 207,400 | 2,648 |
| Bahawalpur | 207,400 | 2,648 |
| Gujrat | 207,400 | 2,648 |
| Nawabshah | 207,400 | 2,648 |
| Chakwal | 207,400 | 2,648 |
| Hyderabad | 207,400 | 2,648 |
| Nowshera | 207,400 | 2,648 |
| Sargodha | 207,400 | 2,648 |
| Faisalabad | 207,400 | 2,648 |
| Mirpur | 207,400 | 2,648 |