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Price of gold falls post-rupee appreciation

Published

2 years ago

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  • Gold price settles at Rs141,850 per tola.
  • Rates plunge in line with the dollar’s value (in Pakistan).
  • Silver prices in domestic market remain unchanged.

KARACHI: Battered by a drop in the dollar rate, gold decreased Rs1,450 per tola (11.66 grams) to Rs141,850 in Pakistan as the precious metal also lost around $3 in value in the international market on Tuesday.

Gold plunged in line with the dollar’s value in Pakistan.

Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of the precious metal plunged by Rs1,450 per tola and Rs1,243 per 10 grams to settle at Rs141,850 per tola and Rs121,614 per 10 grams, respectively. 

Pakistan meets almost all its gold demand through imports, and traders follow its international price in setting rates in the country. 

Jewellers import the metal against the US dollar and UAE dirham before converting its price into rupees.

Since the dollar has dropped by over Rs4 in the open market, the association has adjusted down the bullion price accordingly.

In the international market, the price of the yellow metal fell by $3 per ounce settling at $1,637 amid volatility right now as markets increasingly price at much higher rates.

Gold rates in Pakistan are around Rs2,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,570 per tola and Rs1,346.02 per 10 grams.

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Current gold price in Pakistan: January 20, 2025

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5 hours ago

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On Monday, gold prices in Pakistan experienced a notable rise due to a favorable change in worldwide markets.

The price of gold per tola increased by Rs500, attaining Rs282,900.The increase followed a decrease in gold prices during the prior session, where the price had dropped by Rs200 to conclude at Rs282,400 on Saturday.

On Monday, the price of 10 grams of gold increased by Rs429, reaching Rs242,541.

The increase in local gold prices reflected the favorable trend in the worldwide market, where the price of gold per ounce reached $2,708, plus an additional premium of $20. This was a $5 rise inside a single day.

Conversely, silver prices declined, with the price per tola decreasing by Rs9 to reach Rs3,372.

Analysts ascribe the rise in gold prices to variations in global demand, as investors seek refuge in precious metals amid economic concerns. As global markets exhibit ongoing volatility, analysts anticipate additional swings in the values of gold and silver in the forthcoming weeks.

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After gaining almost 900 points, the KSE-100 has surpassed the 116,000 mark, indicating a bullish trend.

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The KSE-100 index advances by more than 900 points, reaching a new high of more than 116,200. This indicates that the Pakistan Stock Exchange is experiencing a bullish trend at the beginning of business.

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SBP’s Monetary Policy Committee is scheduled to meet on January 27 in order to make a decision regarding monetary policy.

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6 hours ago

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For the purpose of making decisions regarding the monetary policy, the monetary policy committee of the State Bank of Pakistan will convene on January 27.

At a press conference that will take place on the same day as the meeting, Governor Jameel Ahmad of the State Bank of Pakistan will formally announce the decision about the monetary policy.

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