Gold falls Rs1,300 per tola in Pakistan to Rs422,136
The price of 24-karat gold in Pakistan fell by Rs1,300 to Rs422,136 per tola on Tuesday, 27 October. The fall followed a decline in the international market.
For information only, not investment advice. Prices change quickly: check the time and source of every figure.
- 24-karat gold fell Rs1,300 to Rs422,136 per tola on Tuesday.
- Ten grams fell Rs1,115 to Rs361,913.
- Silver fell Rs85 per tola to Rs5,793.
- International gold dropped $13 per ounce to $3,996.
Gold prices in Pakistan fell on Tuesday, 27 October, reversing the previous day's gain as the international market moved lower. According to rates issued by the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold dropped by Rs1,300 to Rs422,136 per tola.
The price of 10 grams of 24-karat gold declined by Rs1,115 to Rs361,913, the same association's rates showed. Daily Pakistan reported that the fall brought the local price closer to the Rs422,000-per-tola mark.
On Monday, the price of gold per tola had risen by Rs1,400 to Rs423,436, according to Business Recorder. Daily Times described Tuesday's decline as coming after a brief one-day pause in the fluctuations of recent days.
In the international market, gold became cheaper by $13 per ounce, bringing the global rate to $3,996, according to Daily Pakistan. The outlet noted that international bullion prices remain a major influence on the domestic market, along with exchange-rate movements and local trading conditions.
Silver also moved lower. Its price fell by Rs85 per tola to Rs5,793, Daily Pakistan reported.
The Express Tribune reported that gold fell by Rs1,300 per tola even though global prices had gains linked to oil. It added that investors were awaiting a decision by the US Federal Reserve and that the rupee edged up.
Daily Pakistan said the lower price may offer some relief to people planning to buy gold jewellery, especially as the wedding season approaches. It added that quoted bullion rates generally exclude making charges, wastage costs and other expenses set by individual jewellers.
Why it matters
Gold prices affect household savings and jewellery purchases in Pakistan, particularly with the wedding season approaching. Quoted rates exclude jewellers' making charges and other costs.
