The price of gold in Pakistan has been falling for six days in a row during the last week. It’s similar to a rollercoaster ride, except in the financial realm. On Saturday, the price of a tola was Rs. 212,000.
APSGJA data
The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) provided this information. They keep detailed records of these things. According to their most recent statistics, the price of gold (24 carats) has dropped by Rs. 500 per tola to Rs. 212,000. Meanwhile, if you prefer grams, 10 grams of gold fell by Rs. 428 on Saturday, finishing at Rs. 181,756.
A Week of Drops
Let’s take a step back and look at how this incredible adventure began. On Monday, there was a modest drop of Rs. 700 per tola. However, as the week went on, things took a more dramatic turn. On Tuesday, Wednesday, Thursday, and Friday, gold prices fell by Rs. 6,300, Rs. 10,500, Rs. 5,800, and Rs. 4,000 per tola, respectively.
All of these ups and downs resulted in a record-breaking decrease of Rs. 27,800 per tola over the course of the week. That’s a tremendous shift in such a short period of time. The fundamental explanation for the steep drop in gold prices is the week’s drop in the open market rate of the US dollar.
In a nutshell, gold prices in Pakistan have been volatile recently, with a significant reduction of approximately Rs. 30,000 per tola in only one week.