Gold price drops Rs 800 per tola in Pakistan

KARACHI: Due to the decline in global prices, there was a downward trend in gold prices in the local market of Pakistan.

According to data shared by the All Pakistan Gems and Jewelers Association, the price of gold per tola decreased by Rs 800 to close at Rs 277,000.

Similarly, the price of 10 grams of gold decreased by Rs 687 and the new price was Rs 237,482.

The prices of bullion also fell in the international market, where the price of the precious commodity is being sold at $ 2658 per ounce after a decrease of $ 8.

Meanwhile, the price of silver in Pakistan remained at Rs 3,400 per tola and Rs 2,914.95 per 10 grams.

On December 13, the price of 24-carat gold per tola decreased by Rs 5,000 and was sold at Rs 277,800.

The price of 10 grams of 24-karat gold also fell by Rs 4,286 to Rs 238,169.

On the other hand, the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) on Monday reduced the policy rate by 200 basis points to 13 percent, which will be effective for the fifth consecutive time from December 17, 2024.

The central bank has cut interest rates by 900 bps during the current fiscal year 2024-25 due to easing inflation in the country.

It said that headline inflation fell to 4.9 percent on an annual basis in November 2024, in line with the MPC’s expectations. The decline was mainly due to the continued decline in food inflation as well as the exit from the impact of the increase in gas prices in November 2023.