RAWALPINDI: June 20, 2023: Gold is continuously losing its shine as its price tola rates reduces by another Rs 1000.
According to Markazi Sarafa Union, Rawalpindi, Gold rates per tola for 24 karat today stand at Rs 216000 against its last day value of Rs 217000. The price of a tola for 22 karat in the local market is Rs 209300. The rates of 10 gram gold for 24 Karat is Rs 185186 and rates of 10 gram gold for 22 Karat today is Rs 179450. The rate of gold per tola for 24 Karat (bar) is recorded at Rs 218500.
Gold market had shown unprecedented upward trend in early days of June. However, the precious metal is showing downward trend in its value for the last around one week.
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 .