RAWALPINDI: July 6, 2023: Gold prices are gaining momentum in local market to go up again. On Thursday, precious metal price increased by Rs 1000 which took its value in the local market to Rs 205000. Gold had lost value massively soon after a Pakistan-International Monetary Fund (IMF) deal for $ 3 billion bailout, but it started to gain value since Tuesday.
According to Markazi Sarafa Union, Rawalpindi, gold rates for 24 carat today further increased by Rs 1000 a tola and it settled at Rs 205000 against its rates of Rs 204000 on July 3.
The price of a tola for 22 carat in the local market is recorded today at Rs 198600. The rates of 10 gram gold for 24 carat is Rs 175755 and rates of 10 gram gold for 22 carat today is Rs 170720. The rate of gold per tola for 24 Karat (bar) is recorded at Rs 207200.
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 .
Sliver price is also relatively reducing in the local market . Today silver rates in the local gold market have been recorded at Rs 2800 per tola .
In international market , gold rates have reduced by $ 2.00 . It settled down to $ 1925.10 per ounce.