Lahore: The drop in gold price in Pakistan has once again drawn the attention of people looking to buy jewellery to the bullion market. Gold has become cheaper by Rs 2,100 per tola in the local market, while its price has also come down in the global market.
According to the rates issued by the All Pakistan Sarafa Gems and Jewellers Association, after the new reduction, the price of gold per tola has reached Rs 439,936. Similarly, 10 grams of gold has reached Rs 377,174 after a decrease of Rs 1,800.
The price of gold in the global market fell from $21 to $4,174 per ounce. Changes in international rates also affect the local Sarafa market; however, the value of the Pakistani rupee and other local factors also play an important role in determining the price of gold.
Despite the reduction in gold rates, buying jewellery is still a major financial decision for ordinary buyers. This is because, in addition to the basic price per tola, the cost of manufacturing the jewellery and the profit of the shopkeeper also affect the final price.
The recent reduction in prices may provide some relief to those who plan to buy gold for weddings or other needs. However, it is not correct to consider a one-day decline as a permanent trend. Gold prices may change again due to fluctuations in the global market and domestic economic conditions.
It is better for buyers to check the latest rates from the authorised gold market in their city before purchasing and also get details of the price, purity and additional costs of the jewellery.
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