RAWALPINDI: June 8, 2023: After setting all time high price record, gold is continuously losing its value in local market in Pakistan. Today it lost another Rs 1000 per tola for 24 carat and settled down at Rs 222000 in 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 from Rs 223000 on Wednesday to Rs 222000 on Thursday. Its showing a decrease of Rs 1000 per tola for 24 carat .
The price of one tola gold for 22 carat today is Rs 215100. The price of 10 gram of gold for 24 carat is Rs 190330 and likewise the rate of 10 gram gold for 22 carat is Rs 184414. The price of one tola for 24 carat (bar) is Rs 224000.
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.
“We are witnessing total collapse of gold business as there is hardly any real buyer in the gold market”, said Mohmmad Rafiq, a gold smith and owner of Murree Jewelers in Rawalpindi who is losing money in gold trade despite unprecedented spike in the prices of this precious metal.
“I am thinking to switch over to some other business as its almost impossible for me to make my living comfortable in the recent years” , worried Mohmmad Rafiq observed.
