RAWALPINDI: July 4, 2023: Gold continued to lose its value considerably in the local market today as the local currency continues to get much-need respite following a Pakistan-International Monetary Fund (IMF) deal for $ 3 billion bailout.
According to Markazi Sarafa Union, Rawalpindi, gold rates for 24 carat today further reduced by Rs 2000 a tola and it settled at Rs 202000 against its rates of Rs 204000 on July 3.
The price of a tola for 22 carat in the local market is recorded today at Rs 195700. The rates of 10 gram gold for 24 carat is Rs 173180 and rates of 10 gram gold for 22 carat today is Rs 167780. The rate of gold per tola for 24 Karat (bar) is recorded at Rs 205000.
Gold market had shown unprecedented upward trend in early days of June. However, the precious metal value started downward trend in its value last week on the news of a possible deal with IMF.
Gold smiths term the current gold market as extremely unrealistic. Mohammad Rafique, one of the gold smiths based in Rawalpindi and owner of Murree Jewelers , calls the recent decrease in gold value as a good indication for gold industry. He said unrealistic value of gold has caused huge loss to the business as traditional buyer who used to buy gold ornaments for weddings is now looking for other options like artificial jewelry as gold has become costly than his income .
Sliver price is also relatively reducing in the local market . Today silver rates in the local gold market have been recorded at Rs 2800 per tola .