Gold prices in Pakistan’s local market continued to fall on Thursday, following a significant drop in international rates. The price for 10 grams of gold decreased by Rs 6,463, while the price for one tola dropped by Rs 7,538, settling at Rs 374,967 and Rs 437,362, respectively.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), global gold prices fell by $85 per ounce, reaching $4,150 on Thursday. Since last Friday, international prices have declined by $208 per ounce, leading to a cumulative decrease of Rs 19,538 in the domestic one-tola rate.
Despite this decline, demand for gold has remained low. All Pakistan Jewellery Manufacturers Association noted that even with the ongoing wedding season, customer turnout has not significantly increased. He mentioned that demand began to wane when the price of gold surpassed Rs 400,000 per tola.
“Many people still cannot afford gold despite the recent drop,” he stated, adding that it is difficult for consumers to purchase even a single tola jewellery set, which still costs around Rs 450,000.
Read also: Gold prices further decreases in Pakistan
According to an international news agency, gold prices fell to a near two-week low on Wednesday, following their sharpest single-day drop in five years earlier in the week, as investors took profits ahead of key US inflation data that is expected to be released this week.
