Prices of one tola gold dropped Rs500/tola, to Rs109,350, while the rates of ten grams of gold fell Rs450, to Rs93,750, on the local market on Tuesday, according to the Pakistan Gold Council.
Bullion pricing on the international market fell $13 to $1,796 per ounce, a decrease of $13.
Haji Haroon Rasheed Chand, head of the All Sindh Saraf Jewellers Association, stated that the current decline in gold prices is only transitory, and that gold prices will rise in the coming days. The price of gold fell on the worldwide market, which had an impact on [the] price of gold in the local market.”
Abdullah Abdul Razaq, vice president of the Society Jewellers Welfare Association Tariq Road, ascribed the dramatic decrease in gold prices to the stability of the Pakistani currency and a lack of activity in the gold market on the world stage.
Because of the tight execution of the Standard Operating Procedures, local dealers claim that the current wave of Covid-19 has kept purchasers, particularly women, away from the markets, and that trading activities have nearly come to a halt as a result.
Silver prices, on the other hand, have remained constant, with a tola of silver selling for Rs1,460 and a gram of silver selling for Rs1,251.71 in the local market, according to the latest data.
Silver prices on the international market stayed unchanged at $25.13 per ounce.