Gold Prices Drop in Pakistan: 24K Tola Falls to Rs. 283,000

ISLAMABAD: The price of 24 karat gold per tola has seen a significant decline, decreasing by Rs. 1,700 to reach Rs. 283,000 on Saturday, November 2, 2024. This reduction is compared to its previous trading value of Rs. 284,700 reported on the last trading day, according to ARY News.

Similarly, the price for 10 grams of 24 karat gold also fell by Rs. 1,457, settling at Rs. 242,627, down from Rs. 244,084. In addition, the price of 10 grams of 22 karat gold decreased to Rs. 222,408, down from Rs. 223,744, as reported by the All Sindh Sarafa Jewellers Association.

Interestingly, the prices of silver remained stable, with per tola silver holding steady at Rs. 3,430 and 10 grams at Rs. 2,940.67.

Internationally, the gold market also saw a downturn, with gold prices decreasing by $17 to settle at $2,735 from $2,752. This fluctuation in the global market often influences local prices, reflecting a broader trend in commodity trading.

On Friday, November 1, 2024, gold prices had already experienced a decline, with 24 karat gold per tola decreasing by Rs. 2,500, selling at Rs. 284,700. The price for 10 grams of 24 karat gold dropped by Rs. 2,144, going from Rs. 246,228 to Rs. 244,084, while 10 grams of 22 karat gold decreased from Rs. 225,709 to Rs. 223,744.

Top 5 Gold Trading Countries and Current Prices

The dynamics of gold pricing are not only influenced by local factors but also by global market conditions. Here are the top five gold trading countries along with their current gold prices for 24 karat gold per tola and ten grams:

1. Pakistan
   • Price per Tola: Rs. 283,000
   • Price per 10 Grams: Rs. 242,627
2. India
   • Price per Tola: ₹61,600 (approx. Rs. 283,100)
   • Price per 10 Grams: ₹51,200 (approx. Rs. 242,800)
   India is one of the largest consumers of gold in the world, driven by cultural demand and wedding seasons. The country’s gold prices often align closely with international rates due to its significant imports.
3. China
   • Price per Tola: ¥397 (approx. Rs. 287,200)
   • Price per 10 Grams: ¥128.5 (approx. Rs. 243,000)
   China is not only a major consumer but also one of the leading producers of gold. The price is influenced by domestic demand and the international market.
4. United States
   • Price per Tola: $2,735 (approx. Rs. 635,000)
   • Price per 10 Grams: $2,736 (approx. Rs. 635,500)
   The U.S. market plays a crucial role in determining global gold prices, especially since it is home to many of the largest gold trading companies.
5. Turkey
   • Price per Tola: 50,500 TL (approx. Rs. 248,800)
   • Price per 10 Grams: 43,500 TL (approx. Rs. 224,400)
   Turkey has a long history of gold trade, and local markets are often driven by jewelry demand. Fluctuations in the Turkish lira against the dollar significantly affect gold prices.

Conclusion

As the gold market continues to fluctuate, these prices provide insights into the ongoing trends in gold trading both locally in Pakistan and internationally. Factors such as economic conditions, inflation, and global demand for gold remain critical in determining the value of this precious metal. Investors and consumers alike should stay informed about these trends to make educated decisions regarding their investments and purchases in the gold market. The recent decline in prices may offer potential opportunities for buyers looking to invest in gold while the market is in a dip