Gold Price in Pakistan – Gold Price Observed Decline

By Komal Fatima - Web Editor

14th January, 2020

The gold price has been fluctuating for a few days. The gold price of 24 karat has declined to Rs 87,600 from Rs 88,300 per tola with a difference of Rs700.

According to the Karachi Sarafa Association, the gold price of 10-gram reduced to Rs 76,818. The last closing price of 10 gram gold was Rs 77,418.

However, the price of silver remains unchanged. The closing price was Rs 1070 per tola whereas the price of 10 grams of silver is Rs 917.35.

According to the Karachi Sarafa Association, the gold rates was traded as $1533 instead of $1543 per ounce.

Gold price had dropped by Rs. 2500 per tola and traded 90,500 per tola in Pakistan due to the de-escalation of regional tensions.

The update of gold price reported on 10th January at the BOL News website. In addition to this, over 10-gram gold price fell Rs2, 141 to Rs77, 590. The price of silver remained constant and traded at Rs 1070 per tola. Apart from that, around 10-gram silver traded at Rs 917.35.

In the international market, the rates of per ounce gold dipped by $ 32 and was traded at $1548 as compared to $1580 on the last trading day, Karachi Sarafa Association reported.

Earlier on Monday, the gold price spiked to an all-time high at Rs93,400 per tola following the escalation of regional tensions as the US killed an Iranian military commander in a drone strike. Later, Iran targeted the military bases in Iraq housing US forces which heightened the tensions.

Gold Price in Pakistan

The local Gold and Sarafa Markets of Pakistan updates and report the gold rates in Pakistan. On the contrary, the retailors charge extra for the creation of items the customers demand such as jewelry, etc. Sarafa markets or gold markets allocated the retail gold rates.

The approximate gold rates are calculated on the basis of fractions. The fraction is 22/24 for 22 karat gold. Note that the 22k gold is comprised of 91.67% of pure gold and 8.33% alloy metal. Hence, over 9.1666 grams of alloy metal is present in the 22k 10-gram bar.

It is, therefore, essential for everyone especially for businessmen to keep looking for the gold rates to make their business strategies accordingly.

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