There is some fascinating news for those who follow the Pakistani gold market. The gold price increased by Rs. 1,100 per tola, taking it to Rs. 214,400 at the close.
This useful information comes from the All-Pakistan Gems and Jewellers Association (APGJA), which revealed that the price of 24-carat gold increased by Rs. 1,100 per tola, reaching Rs. 214,400. If you like to consider it in smaller increments, the price of 10 grams of gold increased by Rs. 943 to Rs. 183,813.
Type of Gold
Rate Per Tola (in PKR)
Rate Per 10 Grams (in PKR)
|24 Carat Gold||214,400||183,813|
Gold prices rose by Rs. 1,500 per tola on Thursday, after falling by Rs. 1,200 per tola the day before.
For those interested in the global picture, international gold rates were $1,989 at 4:25 PM (Pakistan Standard Time). This is a 0.16 percent gain over the previous day.
Money seems to be moving away from gold and the US dollar and into more hazardous alternatives. Global stock markets have had mixed results, while bonds have surged. Meanwhile, the US dollar has been falling.
This is all related to the current slowdown in interest rate rises in the United States. Investors seem to be expecting the Federal Reserve to retain current interest rates in December.
In layman’s words, it’s similar to a financial seesaw. When the value of gold rises, the value of the US dollar falls, and vice versa.