Gold Price Decreases in Pakistan by Rs 2,000 per tola!

• Gold prices in Pakistan remained stable on Thursday due to currency fluctuations.
• The price of gold dropped by Rs 2,300 per tola and Rs 1,972 per 10 grams.
• Gold in Pakistan is currently priced at Rs 1,000 per tola, lower than in Dubai..

Gold prices in Pakistan remained relatively stable in a quieter trading session on Thursday, influenced by fluctuations in the Pakistani currency, international market trends, and upcoming monetary policy announcements. The prices are expected to be impacted by the policy statement due on Monday, July 29.

On Thursday, the price of gold in Pakistan saw a decline of Rs2,300 per tola and Rs1,972 per 10 grams, mirroring the gains recorded the previous day. The new rates are Rs250,500 per tola and Rs214,763 per 10 grams, respectively.

The local gold price had reached an all-time high of Rs254,000 per tola on July 18, driven by international investors taking significant positions in anticipation of a US central bank interest rate cut in September 2024. However, currently, gold prices in Pakistan are range-bound.

The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported that gold prices in Pakistan are currently “under cost” by Rs1,000 per tola compared to Dubai prices, indicating that gold is more affordable in the Pakistani market than on the global stage.

In addition, silver prices in Pakistan fell by Rs60 per tola and Rs51.44 per 10 grams, settling at Rs2,860 per tola and Rs2,451.98 per 10 grams, respectively.

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Globally, gold prices dropped by 1% on Thursday as investors took profits ahead of upcoming US economic data that could provide insights into future central bank interest rate cuts. Spot gold fell to $2,372.74 per ounce, while US gold futures dropped to $2,366.00.

Kelvin Wong, OANDA’s senior market analyst for Asia Pacific, noted that despite the absence of significant fundamental pressures on gold, the market is experiencing profit-taking. Technically, prices might see further declines as investors await more information on economic trends.