Gold Near Rs. 400,000 - ProPakistani

Gold prices in Pakistan plunged on Saturday, with the price of 24-karat gold falling by Rs. 10,800 per tola to Rs. 409,736 in line with a sharp drop in the international market.

The price of 10 grams of 24-karat gold also fell by Rs. 9,259 to Rs. 351,282, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

Silver became cheaper too. The price of silver dropped by Rs. 142 to Rs. 5,388 per tola.

Saturday’s drop came a day after gold fell by Rs. 5,100 per tola on Friday. Before that, the price had held steady at Rs. 425,636 per tola on Thursday.

This means gold has lost Rs. 15,900 per tola in just two trading days.

The local fall followed the global market. The international price of gold dropped by $108 to $3,872 per ounce, moving further below the $4,000 level it slipped under on Friday.

The single-day fall of Rs. 10,800 works out to about 2.6% of Friday’s price. The international rate fell by a similar 2.7%.

Gold is now Rs. 32,300 per tola, or about 7.3 percent, below its October 10 peak of Rs. 442,036. Someone buying two tolas today would pay about Rs. 64,600 less than at that peak.

These are the association’s rates for pure 24-karat gold. Jewellery buyers also pay making charges on top, so the final bill at a shop will be higher.

For people who already hold gold as savings, the drop works the other way. A family holding two tolas has seen the value of that gold fall by about Rs. 31,800 since Thursday on paper.

The per tola rate is now only Rs. 9,736 above the Rs. 400,000 mark. ProPakistani reported earlier this week that a fall below Rs. 400,000 was still possible.

Gold rates in Pakistan usually follow the international price, so the next move will largely depend on how the global market behaves when trading resumes.

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