ISLAMABAD: Gold prices in the local market decreased by Rs4,600 per tola on Tuesday, following rupee’s appreciation against the US dollar and an overnight dip in international bullion prices.
The price of one tola of 24-karat gold decreased to Rs210,100 from Rs214,700. During the last two days, the price of one tola of 24-karat gold has decreased by Rs5,700.
Similarly, the gold price for 10 grams of 24-karat decreased to Rs180,130 from Rs184,070, showing a decline of Rs3,960. The price of 10 grams of 22-karat gold decreased to Rs168,730 while a single tola of 22-karat gold was being sold at Rs196,807.
It is to be noted that local bullion pricing bodies, Karachi Sarafa Market and All Pakistan Gems and Jewelers Association, have refrained from announcing daily commodity prices since September 13 and the prices quoted above are being collected from different markets. This decision follows a crackdown on alleged betting and smuggling activities by certain institutions. This is sparking speculation about potential actions against gold smugglers or a downward trend in the country’s precious metal market, leading to silence from the pricing body. It is worth noting that in the absence of official gold rates, consumers at jewelry shops are experiencing a state of confusion.
On the other hand, as of 1320 hours GMT, gold futures in the international market were available at $1,906 per ounce, showing a decrease of $9.10. Out of the $9.10 decrease, -$0.70 was due to strengthening of the US dollar and -$8.40 was due to predominant sellers, according to the Kitco Gold Index.-TLTP