LAHORE: A significant drop in gold prices in Pakistan has created a new situation in the bullion market. After falling by Rs 12,800 per tola, gold has fallen to Rs 438,136. Prices also fell in the global market, where the price of gold per ounce fell by $128 to $4,156.
According to data released by the All Pakistan Bullion Gems and Jewellers Association, the price of 10 grams of gold has also fallen significantly. Its new price has become Rs 375,631, which is Rs 10,973 less than the previous rate.
The global market situation is considered important behind this decline in gold prices. Expectations of a rise in US interest rates have increased pressure on the prices of the precious metal. Investors are reviewing their financial decisions due to possible changes in interest rates, which may also affect the demand and price of gold.
The decline in the price of gold in the global market by $128 reflects this trend. Local rates in Pakistan are related to global prices as well as the value of the rupee and other market factors. That is why changes in the international market also affect the local bullion market.
A decline in the price of gold was recorded in the past few days. On September 26, gold became cheaper by Rs 2,100 per tola. The recent decline is much higher than that, which highlights the rapid change in prices in the local market.
This decline in prices is important for consumers buying gold; however, the final price of jewellery also includes purity, labour and other costs. It is important to know the latest rates of the local bullion market while making an investment or purchase decision.
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