RAWALPINDI: June 12, 2023: Following budget announcement, gold prices are reducing in the local market.
Gold had hit all time high mark in recent weeks and then after reaching highest ever rates in value it has started to slide down in the market. Today gold rates have reduced by another Rs 5000 a tola in the local market. A day earlier, gold had lost Rs 3000 per tola in value in the local market.
Pakistan has been unrealistic spike in gold prices in the recent months. It resulted in total shutdown of the business of this precious metal in Pakistan.
According to Markazi Sarafa Union Rawalpindi, gold price for 24 carat per tola reduced to Rs 214000 on Wednesday.
The price of one tola gold for 22 carat today is Rs 207300. The price of 10 gram of gold for 24 carat is Rs 183470 and likewise the rate of 10 gram gold for 22 carat is Rs 177725. The price of one tola for 24 carat (bar) is Rs 217000.
The silver prices are stagnant in the gold market. Its pegging at Rs 2800 today.
Gold smiths have lost their clients whose majority think gold has gone out of their buying powers. Pakistan like India is among those countries where use of gold for jewelry for weddings is considered a symbol of wealth and the people make it as a tag to show their wealth. But despite great tradition and desire to show their wealth and create an impression of a rich family on their relatives, the people are unable to buy gold for weddings of their dear ones.
Only hot money is driving gold and currency market in Pakistan. The investors of hot money create panic in the market and offload their stocks and grab undue profit but it has nothing to do with real gold business in Pakistan.
