Pakistan’s Gold Price Drops on 2024’s First Day

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Pakistan's Gold Price Drops on 2024's First Day

On the first day of 2024, the price of gold in Pakistan decreased settling at Rs. 219,700 a tola.

The price of 24 carats of gold decreased by Rs. 300 per tola to Rs. 219,700, while the price of 10 kilos was down by Rs. 258 to Rs. 188,357, according to data issued by the All-Pakistan Gems and Jewellers Association (APGJA).

The precious metal’s price in the local market has dropped for the third day. Gold dropped 1,900 rupees per tola on Friday and another 900 rupees per tola on Saturday.

Most of the gains reported earlier in the week were offset by the price’s successive declines at the close of last week. During the final week of 2023, the price of gold increased by a total of Rs. 700 per tola.

In May of 2023, the price of gold in Pakistan hit a high of Rs. 240,000 per tola. But as the government began to crack down on the gold “mafia,” the price turned around. The prices then fell below Rs. 200,000 a tola in October, but they have subsequently risen once again.

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