Second consecutive decline: Gold price drops by Rs900 per tola in Pakistani markets

Gold sustained its downward trend for the second consecutive session on Saturday, experiencing a decline of Rs900 per tola in the Pakistani gold market.

The price of one tola gold was established at Rs220,000, and the 10-gramme gold recorded a sale at Rs188,615, reflecting a decrease of Rs771.

These figures were provided by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

In comparison, Friday witnessed a decrease of Rs1,900 per tola in gold rates in Pakistan. This local downturn aligns with the global moderation observed in the price of gold.

The international rate of gold, marked by a $20 premium, was set at $2,082 per ounce on Saturday, following an $8 dip in the international market, according to APGJSA.

In contrast, silver rates in Pakistan remained stable at Rs2,680 per tola.

Reflecting on the broader trend, the year 2023 saw a noteworthy 20 per cent increase in gold prices in Pakistan, with the price per tola reaching around Rs184,000 by the end of 2022.

The pinnacle of gold rates in 2023 occurred on September 2, recording Rs242,700 per tola, while the lowest point in the year was noted on October 4 at Rs188,400 per tola, based on APGJSA data.