Gold Prices in Pakistan Today Drop to Rs340,500
The decline in gold prices is closely tied to global market trends and economic agreements between major nations, impacting not only the price of gold but also the value of the Pakistani rupee against the US dollar, and consequently, the overall economic landscape of Pakistan.
Gold prices in Pakistan have decreased significantly, with the price of gold per tola dropping to Rs340,500, a decline of Rs10,400 from the previous day, while the 10-gram gold rate declined by Rs8,917 to Rs291,923, following a global trend triggered by a temporary US-China tariff reduction deal.
The decline in gold prices in Pakistan is attributed to the international market trends, where spot gold fell 2.6% to $3,237.04 an ounce. This global drop subsequently affected the local gold markets and Sarafa Markets in various Pakistani cities, leading to a decrease in gold prices. Additionally, the Pakistani rupee appreciated by 0.05% against the US dollar, closing at 281.57, which also contributed to the decline in gold prices.
The gold price per tola in the local market dropped to Rs340,500, while the 10-gram gold rate fell to Rs291,923. Furthermore, the silver price per tola decreased by Rs17 to reach Rs34,000. The international rate of gold also declined, with the rate per ounce dropping to $3,221, accompanied by a premium of $20. These fluctuations in gold and silver prices reflect the dynamic nature of the international and local markets.
As the global economic landscape continues to evolve, particularly with developments such as the US-China tariff deal, it is likely that gold prices in Pakistan will remain subject to frequent fluctuations. The central government's debt, which has risen to Rs73.7 trillion with an 18.6% year-on-year increase in the domestic portion, also plays a significant role in the country's economic stability and potentially influences gold prices.