RAWALPINDI: August 2, 2023: Gold prices in Pakistan jumped up by Rs 1000 per tola on Wednesday.
Pakistan’s gold market is extremely volatile. There is always very quick fluctuation in the rates of gold in the local market. There are two reasons for volatility in gold market in Pakistan. First the fluctuation in the global market like every other country plays a role for fluctuation.
Second, Pakistan’s gold market is at disadvantage due to quick depreciation of the local currency. Uncertainty in gold market has hit the business of precious metal hard. Goldsmiths who used to make good return on their investment in gold are saying good by to gold business due to this quick fluctuation in the rates and growing uncertainty.
According to Markazi Sarafa Union, Rawalpindi, the gold rates for 24 carat today recorded at Rs 220500 in the local market.
The price of a tola for 22 carat in the local market soared to Rs 213600. The rates of 10 gram gold for 24 carat is Rs 189045 and rates of 10 gram gold for 22 carat today is Rs 183125. The rate of gold per tola for 24 Karat (bar) is recorded at Rs 222500.
The sliver price is stagnant in the local market. Today silver rates in the local market dropped down to Rs 2900 per tola.
In international market, the gold rates rose to $ 1980.50 per ounce on August 2.