Islamabad, Nov 6: Gold Rate in Pakistan Drops Further Amid Decline in International Prices. Gold prices in Pakistan fell for a second consecutive day on Wednesday as the precious metal lost value in the international market. According to the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), the price of 24-carat gold per tola decreased by Rs. 1,000 to Rs. 282,200. Likewise, the price of 10g fell by Rs. 857 to Rs. 241,941. About this drop comes when on Monday, the speed of gold raised by Rs. 700 per tola. Gold, which had seen record highs of Rs. 287,900 per tola at the beginning of last month, has seen drops.
The international bullion market also declined, slipping $10 to $2,727 an ounce. This adjustment is resonant with how global markets move with economic or event-based fluctuations and general sentiments. Gold prices in Pakistan are dependent on global prices, with the only adjustment being the exchange rate between USD and PKR, and thus every day the gold prices are adjusted.
Gold Price in PKR:
| Unit measure | Gold Price in PKR |
| 1 Gram | 24,481.93 |
| 10 Grams | 244,817.50 |
| Tola | 285,548.30 |
| Troy Ounce | 761,446.00 |
In Pakistan, gold prices are extremely important in correlation to investment and cultural purchases as in Pakistan many people would see gold as an ultimate store of value. These positive price movements in recent weeks could follow through to affect the actions of investors, some of whom may seize the opportunity to buy as lower rates are likely to be available for a protracted period. Nonetheless, consumers need to double-check local rates, as some slight changes can be made depending on local demand conditions and other local market aspects.
On the other hand, substantial motion was seen in the cryptocurrency area, as Bitcoin attained a few of time highs at $75,000. Bitcoin rose 7%, in tandem with speculation spikes of other names like Coinbase and MicroStrategy based on the prospects of the potential U.S. election narrative amplifying the soccer bulge. As investor speculation ratchets up price will swing on the movement of results on the election day which in turn adds another level of volatility to cryptocurrency markets.
