KARACHI – Gold prices registered a downward trend in domestic market of Pakistan in line with decreasing global prices.
Data shared by All Pakistan Gems and Jewellers Association showed per tola gold price dipped by Rs800 to settle at Rs277,000.
Similarly, the rate of 10-gram gold decreased by Rs687, with new price reach Rs237,482.
The bullion rates also dropped in international market, where the precious commodity is being traded at $2,658 per ounce after a decline of $8.
Meanwhile, silver prices remained unchanged at Rs3,400 per tola and Rs2,914.95 per 10-gram in Pakistan.
On December 13, the price of 24 karat per tola gold decreased by whooping Rs5,000 and was sold at Rs277,800.
The price of 10 grams of 24 karat gold also decreased by Rs4,286 to reach Rs.238,169.
On the other hand, The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) on Monday decreased the policy rate by 200 basis points to 13 percent, effective from December 17, 2024, for the fifth time in a row.
The central bank has reduced the interest rate by 900 bps during the running fiscal year 2024-25 as inflation eased in the country.
It said that headline inflation declined to 4.9 percent year on year basis in November 2024, in line with the MPC’s expectations. This deceleration was mainly driven by continued decline in food inflation as well as the phasing out of the impact of the hike in gas tariffs in November 2023.
