Gold got cheaper in Pakistan on Monday, even though the world market moved the other way. The price of one tola of 24-karat gold fell by Rs 3,800, landing at Rs 453,336. This came right after gold had held steady for a full day.
The All-Pakistan Gems and Jewellers Sarafa Association shared these new rates. The price of 10 grams of gold also dropped, falling by Rs 3,258 to Rs 388,662.
Here's the part that stands out. In the international market, gold actually went up. It gained $38 per ounce, reaching $4,308. Local gold usually moves in step with the world price, so today's drop points to other forces at play in the local market, most likely the rupee's rate against the dollar.
On Saturday, gold in Pakistan had closed at Rs 457,136 per tola after a small gain of Rs 400. Monday's fall wipes that gain out and then some.
Silver fell too. Its price dropped by Rs 122 per tola, bringing it down to Rs 6,802.
Today's key rates:
- 24-karat gold (1 tola): Rs 453,336
- 24-karat gold (10 grams): Rs 388,662
- International gold (1 ounce): $4,308
- Silver (1 tola): Rs 6,802
Gold prices in Pakistan usually track the international rate closely. When the two move in opposite directions, as they did today, the rupee's exchange rate is often the reason.
