The price of gold in Pakistan has experienced significant fluctuations recently. According to data from the All-Pakistan Gems and Jewellers Association (APGJA), the cost of 24-carat gold dropped by Rs. 200 per tola to reach Rs. 214,000 per tola. Additionally, the price for 10 grams of gold fell by Rs. 171 to close at Rs. 183,477. These declines occurred despite a Rs. 400 per tola drop on Monday, resulting in a total decrease of Rs. 600 per tola in just two days.
The main driver behind these price movements is the international gold market. Gold prices globally dipped by 0.5%, with spot gold trading at $1,968.30 per ounce and US gold futures falling by 0.7% to $1,974.20.
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This volatility comes after a recent surge in gold prices in Pakistan, where the cost of gold had risen by over Rs. 3,000 per tola. The fluctuations are influenced by factors such as changes in international gold prices and the depreciation of the Pakistani rupee against the US dollar. Investors and consumers in Pakistan are closely monitoring these developments as they impact the affordability and investment value of gold, which is an essential commodity in the country, often linked to jewelry and investment.