RAWALPINDI: August 15, 2023: Despite huge reduction in rates in international market, gold maintains its value in Pakistan today. In international market, gold prices have decreased to $ 1903 on Tuesday, showing a decrease of $ 3.70 over its last day’s rates , but its maintaining its prices of Rs 219500 a tola in local market.
According to data released by Markazi Sarafa Union in Rawalpindi, the gold rates per tola for 24 carat in local market today (Tuesday) stand at Rs 219500. Since August 9, local gold market is showing neutrality and there is no fluctuation in the rates of the precious metal in the local market.
Likewise the gold rates per tola for 22 carat also reduced to Rs 212600. The price of 10 gram gold for 24 carat is Rs 188185 and 10 gram gold for 22 carat is being sold in the local market at Rs 182270.
The rate of a gold bar for 24 carat is Rs 221700. 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, the 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.
