Gold Prices Drop in Local Market
Gold prices in the local market dropped by Rs1,000 per tola on Saturday, according to the All Sindh Saraf Jewellers Association data. The decrease brought the gold rates down to Rs250,000 per tola. Similarly, the 10-gram gold price also decreased by Rs857 to Rs214,335. In the international market, gold rates decreased by $15 to $2,400 per ounce.
Silver Prices Increase
While gold prices saw a decline, silver rates in the local market increased by Rs70 to Rs2,920 per tola. The price of 10-gram silver also rose by Rs60.01 to Rs2,503.42. It’s important to note that prices in the local market are adjusted by a premium of $20 against rates in the international market.
Insight:
With the weakened purchasing power in the country, local jewellers have lowered gold rates in the local market in an effort to stimulate demand. This could also be a reflection of the overall economic conditions impacting consumer behavior.
