Gold Price in Pakistan Today -13, April, 2023. Gold prices continued to decline from their historic high earlier this week, as the Pakistani rupee rebounded from record lows on Thursday.
All Pakistan Sarafa Gems and Jewellers Association (APSGJA) released data indicating that the price of gold (24 carats) dropped by Rs500 per tola and Rs429 per 10 grams, respectively, to reach Rs217,500 and Rs186,471.
The fall in gold’s value is attributed to the rupee’s upward movement, with the local currency appreciating Rs1.71 or 0.6% to settle at Rs284.91 per US dollar in the interbank market.
The association also revealed that the price of gold is currently Rs4,000 per tola “undercost” in Pakistan, compared to the Dubai market, making the Pakistani gold market cheaper than the global market.The yellow metal had reached an all-time high in Pakistan on Tuesday, with the price of gold (24 carats) reaching Rs218,300 per tola, as the rupee plunged and inflation remained at record levels. Investors’ attention turned to the precious commodity amid economic tensions and the International Monetary Fund (IMF) reviewing external financing commitments from friendly countries before releasing bailout funds.
Weekly inflation jumped 0.92% week-on-week and 44.49% year-on-year during the seven-day period that ended April 6, as prices of sugar and chicken surged due to Ramadan and hoarding.
The delay in the revival of the programme negatively impacted the currency market, bolstering demand for gold.
Meanwhile, silver prices in the domestic market reached new highs of Rs2,550 per tola and Rs2,186.21 per 10 grams, while the international market saw a gain in gold price, settling at $2,027 per ounce, up by $18.