KARACHI: Pakistan’s gold market witnessed a significant shift on Thursday, with the price of 24-karat gold plummeting by Rs5,400 per tola, according to the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA).
This substantial decline brings the current price of 24-karat gold to Rs276,800 per tola in the local market. Experts attribute this drop to the recent decrease in international gold rates, which had been expected to surge if Kamala Harris won the US Elections, but instead reversed following Trump’s victory.
The price adjustment is also reflected in smaller gold units, with 10-gram gold now priced at Rs237,311, marking a decrease of Rs4,630.
Consequently, one gram of gold is now valued at Rs23,731 in the local market. It’s worth noting that gold rates had previously reached an all-time high of Rs287,900 per tola just last week.
This development may be a welcome change for consumers and investors, offering a more favorable market environment. The reduced prices may also boost demand and stimulate economic activity in the gold market.
