Gold Price in Pakistan Today -15, April, 2023 .
The price of gold in Pakistan experienced a significant decrease following a reduction in its international rate and positive cues in the local market.
Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) dropped by Rs2,600 per tola and Rs2,229 per 10 grams, reaching Rs216,000 and Rs185,185, respectively. Meanwhile, the price of gold in the international market dropped by $31 per ounce to reach $2,003.
This drop comes just a day after the precious commodity hit a historic high and breached the Rs218,000-mark for the first time, reaching Rs218,600 per tola.
The economic crisis in Pakistan, which has been deepening since last year, has resulted in people shifting towards bullion as the rupee has lost more than half of its value against the dollar.
Gold is considered a hedge against inflation, resulting in an increase in its demand during troubling times. Moreover, the current situation sees a seasonal demand for gold due to Ramadan.
According to the APSGJA, the price of silver in the domestic market has remained stable at a record high.
The rate of silver clocked in at Rs2,570 per tola and Rs2,203.36 per 10 grams.
With the price of gold experiencing a significant drop, it remains to be seen how this will affect the demand for bullion in the coming days.