Gold rates slide to Rs426,562 per tola today

In the global market, gold prices dropped by Rs5,000 per tola on Thursday, reaching Rs426,562 per tola. According to the All Pakistan Gems and Jewellery Association, the price of 10 grams of gold also declined by Rs4,286, bringing it to Rs365,708.

In the international market, gold prices fell by $50 per ounce, bringing the new rate to $4,042 per ounce.

According to jewellers, the decline is linked to global market adjustments and a slowdown in domestic demand.

Rising global demand and a weakening rupee are driving up gold prices in Pakistan. Meanwhile, Morgan Stanley forecasts that gold could reach new highs in the coming years. 

The gold price surged by Rs7,900 per tola on Wednesday. The increase was also reflected in the price of 10 grams of gold, which rose by Rs6,773 to stand at Rs369,994.

The precious metal’s value saw a simultaneous surge internationally, rising by $79 to be sold at $4,092 per ounce (including a premium of $20).

Moreover, the rate of silver also increased by Rs177 per tola on Wednesday, after declining by Rs5,100 on Tuesday, and now stands at Rs5,442.