RAWALPINDI: July 3, 2023: Gold lost its value massively in the local market today as the local currency gets much-need respite following a Pakistan-International Monetary Fund (IMF) deal for $ 3 billion bailout.
According to Markazi Sarafa Union, Rawalpindi, Gold rates per tola for 24 carat today slashed to Rs 204000 against its rates of Rs 210000 on June 26 –the second last working day ahead of Hajj and Eidul Azha holidays.
The price of a tola for 22 carat in the local market is recorded today at Rs 197500. The rates of 10 gram gold for 24 carat is Rs 174900 and rates of 10 gram gold for 22 carat today is Rs 169420. The rate of gold per tola for 24 Karat (bar) is recorded at Rs 206000.
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 .
