24-karat gold price declines to Rs245,000 per tola
Gold prices in Pakistan saw a downturn on Friday, marking a loss of Rs600 for 24-karat gold, now priced at Rs245,000 per tola. Notably, this adjustment places the current price at a significant Rs4,000 below its actual value.
The Karachi Sarafa Association highlighted the rationale behind this pricing strategy, citing a noteworthy decline in purchasing power. Accordingly, the decision was made to reduce the price by Rs4,000 to better align with market dynamics.
Last week, 24-karat gold experienced an upward trend, witnessing an increase of Rs5,500 per tola. However, the latest figures indicate a reversal in this trajectory, with the price now standing at Rs210,048 per 10-gramme, down Rs514. Similarly, the price of 22-karat gold was marked lower at Rs192,544 per 10-gramme.
Meanwhile, silver prices remained stable in the domestic market, with 24-karat silver holding steady at Rs2,730 per tola and Rs2,340.53 per 10-gramme.
Internationally, the spot gold market witnessed a modest increase, hovering around $2,388.8 an ounce, marking a 0.5 per cent rise for the day. This upward movement contributes to a weekly gain of 1.2 per cent for the yellow metal.