Gold selling price decreases by Rs1,800 in Pakistan (per tola unit)
Gold Prices in Pakistan Take a Dive on Friday
Gold prices in the local market took a tumble on Friday, mirroring the international market's downward trend. On this fateful day, the price of gold per tola dropped to Rs350,900, shedding a hefty Rs1,800.
Similarly, the cost of 10-gram gold went down to Rs300,840 following a decline of Rs1,543, as per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Let's rewind one day to Thursday, when the trajectory of gold prices looked entirely different. The price per tola peaked at Rs352,700 after slipping Rs4,200.
Moreover, the global gold price also slumped on Friday, according to the APGJSA. The rate stood at $3,325 per ounce (with a premium of $20), a decrease of $18 throughout the day.
Surprisingly, the silver price per tola remained steady at Rs3,417.
Although data from earlier in the week isn't provided, it's worth noting that gold prices earlier in the week experienced a substantial increase, as global market conditions led to surge in international prices[2]. However, as the week progressed, global economic factors may have contributed to the anticipated stabilization or slight decrease in gold prices for the later part of the week[1][3][4]. Keep an eye on the market for future updates!
- On Thursday, the price of gold per tola peaked at Rs352,700, after experiencing a decrease of Rs4,200, contrasting Friday's fall of Rs1,800 to Rs350,900.
- The cost of 10-gram gold followed a similar trend, declining to Rs300,840 on Friday, shedding Rs1,543, as per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
- The price of silver per tola, however, remained steady at Rs3,417 on Friday, despite the fall in gold prices.
- Investors who were considering investing in real-estate or the finance sector may have found gold less appealing due to its prices falling after the anticipated rise in the international market.
- The APGJSA reported that the global gold price also slumped on Friday, with the rate standing at $3,325 per ounce (with a premium of $20), a decrease of $18 throughout the day, making it more advantageous for investors to consider the other precious metal, silver.
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