KARACHI: Gold prices experienced a decline today in Pakistan, with prices dropping by Rs. 1900 per tola. According to the Saraffa Association, 24 karat gold per tola fell at a rate of Rs. 1,900 for a final price of Rs. 347,500 per tola.
The price of gold of 10 grams also fell to Rs. 1,629 for a final price of Rs. 297,925. The dips in the gold prices were not just a local trend, there were dips internationally as well.
The gold price per ounce was $3291, down $19. Analysts had many reasons for the significant drops in gold prices, and in order these were: the rise of the U.S. dollar, reducing geopolitical tensions in various countries, and changing investors’ sentiments.
| Gold Type | Price Drop | New Price |
|---|---|---|
| Gold (1 Tola) | Rs. 1,900 ↓ | Rs. 347,500 |
| Gold (10g) | Rs. 1,629 ↓ | Rs. 297,925 |
| Dates | Rates |
| 20-May | Rs342,800 |
| 19-May | Rs342,500 |
| 17-May | Rs338,500 |
| 16-May | Rs336,100 |
| 15-May | Rs335,200 |
| 14-May | Rs341,900 |
| 13-May | Rs344,200 |
The gold traders we spoke to expect a lot of variability (both falling and rising) in the next few days, and indicated to current investors to closely monitor the gold market both locally and internationally.
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