- The final gold price is Rs143.300 per tola.
- The gold price adjustment was long overdue.
- The price of silver on the domestic market is stable.
In Pakistan, the price of gold fell by 4.5%, falling below the Rs. 150,000 per tola barrier, as the currency saw its best day in six weeks on reports that Ishaq Dar will be reappointed as finance minister.
According to statistics provided by the All Pakistan Sarafa Gems and Jewelers Association (APSGJA), the price of the precious metal fell by Rs6,800 per tola and Rs5,829 per 10 grammes, ending at Rs143,300 per tola and Rs122,857 per 10 grammes.
The gold price adjustment was long overdue. Gold prices per tola have fallen by Rs11,800 in the previous four days. After hearing of Dar’s homecoming, stories about the rupee-to-dollar exchange rate’s stability diminished gold’s luster. The short-term path of gold would be determined by the future value of the rupee.
Due to a strong dollar and high US Treasury yields in the context of the US Federal Reserve’s aggressive stance on interest rates, the price of the yellow metal fell by $2 per ounce on the global market, settling at $1,640, its lowest level in two and a half years.
The dollar index reached a new high in contrast to its rivals in 2002, aided by a decrease in the value of the British pound, which boosted the price of gold for holders of other currencies.
Prices have declined by more than $400, or more than 20%, after passing the critical $2,000 per ounce milestone in March, when global central banks sharply hiked interest rates to reign in soaring inflation.
Gold is around Rs2,000 cheaper in Pakistan than it is in the Dubai market.
Meanwhile, local silver prices remained stable at Rs. 1,570 per tola and Rs. 1,346.02 per gramme.