Karachi, October 10, 2023 – The Bullion market in Pakistan has finally unveiled its latest gold rates after a month-long hiatus due to a massive crackdown on currency smuggling and hoarding.
The much-awaited announcement has brought a significant shift in gold prices for local consumers.
As per the latest data provided by the Bullion market, the price of 24 karat gold per tola has plummeted by Rs 15,500, bringing it down to Rs 199,500 in the domestic market. Similarly, the rate for 24 karat gold per 10 grams has seen a decrease of Rs 13,546, now standing at Rs 171,039.
The international gold market has quoted rates at $1,856 per ounce, indicating a downward trend compared to previous months. Over the course of the past month, the international market has experienced a substantial decrease of $55 per ounce in the price of gold.
Comparing today’s rates to the last recorded data on September 12, 2023, when the Bullion market had suspended operations, we can observe a noticeable change in prices. At that time, the rate for 24 karat gold per tola stood at Rs 215,000, reflecting a decrease of Rs 15,500 per tola in the current market rates.
Furthermore, the closure of the Bullion market was attributed to government efforts to curb illegal currency smuggling and hoarding, which had been adversely affecting the gold market dynamics. This crackdown has not only allowed authorities to maintain better control over the market but has also contributed to greater transparency.
Gold enthusiasts and investors have been eagerly awaiting the market’s reopening, and this announcement brings clarity to the recent fluctuations in gold prices. The decline in gold rates, both in the domestic and international markets, may present new opportunities for individuals interested in purchasing gold.
It remains to be seen how these rates will impact the overall economic landscape in Pakistan and whether they will encourage more participation in the gold market. Market experts anticipate that the newly released gold rates will attract renewed interest from both investors and consumers, driving changes in the country’s gold trade in the coming weeks.
The reopening of the Bullion market is seen as a positive step towards stabilizing the gold market, and investors are likely to keep a close eye on any future developments and market trends in the wake of this significant announcement.
Please note that these gold rates are subject to change in response to various factors, including global economic conditions, political developments, and supply and demand dynamics, among others. It is advisable for interested parties to stay informed about the latest updates in the Bullion market to make well-informed decisions regarding gold investments.
READ MORE: Bullion Rates in Pakistan – Today Gold and Silver Prices as of October 3, 2023
