RAWALPINDI: Gold became cheaper as its rates dropped by Rs 1500 per tola in Pakistan today.
The gold rate per tola for 24 carat in local market today (Tuesday) is Rs 218500 against its rates of Rs 220000 yesterday. Likewise the gold rate per tola for 22 carat also reduced to Rs 211700. The price of 10 gram gold for 24 carat is Rs 187330 and 10 gram gold for 22 carat is being sold in the local market at Rs 181500.
The rate of a gold bar for 24 carat is Rs 222500. The rate of silver in the local market today is Rs 2800 per tola.
Gold market in Pakistan is extremely volatile. In the recent weeks, gold rates showed unpredictable fluctuation and it has left the gold business in Pakistan in total disarray. Gold smith say the sale of gold has literally come to a halt. They argue that genuine buyers of gold have put their plan to purchase gold at hold due to rising uncertainty in its local market.
Mohammad Rafiq , a local gold trader, says there is no business in gold market for the last many months and there seems no end to this ugly situation. Mohammad Rafiq says gold is a costly item and it is bought by the parents for marriages of their grown up children but its high price is keeping such parent away from buying of this precious metal.