ISLAMABAD: After the continued improvement in the value of local currency against the US dollar, the price of gold in the local market went down at the same pace. On Friday, the per tola price of 24 karats of gold decreased by Rs 4,000 to settle at Rs 212,500 against its last-day price of Rs216,500.
Meanwhile, as reported by All Sindh Sarafa Jewellers Association, the price of 10 grams of 24 karats of the precious metal also went down by Rs 3,430 to close to Rs 182,184 from its previous rate of Rs.185,614 whereas the price of 10 grams of 22 karats of the yellow plate decreased to Rs 167,002 from its last price of Rs 170,146.
However, the price per tola and 10 grams of silver remained unchanged and settled at Rs 2,650 and Rs 2,271.94, respectively.
Unlike the local market, the price of gold in the international market witnessed an increase and went up by $2 to settle at $1,923 per ounce from $1,921 the previous day.
Decreasing Price of Gold
The price of gold in the local market remained highly volatile during 2023 and reached the highest-ever level of about Rs 2,40,000 per tola twice in the year, first in May and then a few days before (2,39000) in September.
After the first increase, the price went down in July in the context of the standby agreement with the IMF and reached Rs 204500 in the middle of July. The second increase happened soon after the caretaker government took charge. However, after the recent announcement by the government to initiate a crackdown against illegal financial activities both the currency and bullion market responded in a positive way.
