Business Desk 
Apr 30, 2024
Gold price in Pakistan registered a major drop after the yellow metal witnessed a significant reduction in its rate in the international market, and the local currency market witnessed some positive cues.
According to the data released by All Pakistan Sarafa Gems and Jewellers Association, the price of gold plunged by Rs2,000 per tola and Rs1,715 per 10 grams to settle at Rs241,900 and Rs207,390, respectively.
It should be noted that the gold price was on a rising spree last week in the local and international market as investors were taking refuge in the precious metal — considered a safe haven — due to escalation in geopolitical tensions.
The precious commodity touched an all-time high of Rs252,200 per tola on Saturday (April 20, 2024).
Today’s decrease can be attributed to a decline in the gold prices in the international market — where per ounce price fell by $19 to settle at $2,316.
Bullion price in the international market touched a record high of $2,431.29 on April 12.
Meanwhile, silver price in the local market remained fell by Rs20 per tola and Rs17.14 per 10 grams to settle at Rs2,630 and Rs2,254.80, respectively.
Gold price in Pakistan is announced by the association, which determines gold prices in Pakistan for local markets six days a week from Monday to Saturday.
Pakistan is a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the precious metal locally.
Accordingly, the gold rate in Pakistan is determined by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in domestic markets. The latest price for local markets was determined to keep in view the prices at which trade took place among buyers and sellers.
Gold price in Pakistan has been volatile in Pakistan recently amid continued political and economic uncertainty and high inflation. People prefer to buy this precious commodity in such times as a safe investment and a hedge.
