Gold Rate in Pakistan Falls Rs8,000 to Rs409,500 per Tola
By Gold Rates PakistanRates sourced from APGJSA
The 24K gold rate in Pakistan fell Rs8,000 to Rs409,500 per tola today, down 1.92%, after international gold dropped sharply on stronger US data and rising bets on a Federal Reserve rate rise.
The gold rate in Pakistan fell sharply today. The Sarafa association set 24K gold at Rs409,500 per tola, down Rs8,000, or 1.92%, from Rs417,500 on Friday. The fall follows a steep drop in international prices at the end of the week.
What Moved Gold
International gold had one of its weakest sessions of the year on Friday. US data came in stronger than expected: third-quarter growth beat forecasts, and the Federal Reserve's preferred inflation measure, PCE, rose 3.6% from a year earlier in September. Traders responded by raising their bets that the Fed will raise interest rates in December, with CME FedWatch pricing the chance at about 75%, according to market reports. Higher rates make non-yielding gold less attractive to hold.
Higher oil prices linked to Middle East supply worries also kept pressure on real yields. Dealers said speculative selling and outflows from gold-backed exchange-traded funds made the fall bigger. Some analysts described it as forced, liquidity-driven selling rather than a change in physical demand.
Gold Rates in Pakistan by Purity
| Purity | Per tola | Per 10 grams |
|---|---|---|
| 24K | Rs409,500 | Rs351,086 |
| 22K | Rs375,375 | Rs321,829 |
| 21K | Rs358,313 | Rs307,200 |
| 18K | Rs307,125 | Rs263,315 |
The Week So Far
Compared with Rs418,000 on 24 October, the 24K rate is down Rs8,500 over the week. Today's Rs409,500 is also the lowest rate of the last 30 trading days. The high in that period was Rs441,000 on 30 September, so local gold has fallen steadily through October.
International Gold Price
Spot gold stood at $3,881.31 per ounce, down $129.51, or 3.23%, from the previous close of $4,010.82. The international market is closed for the weekend, so this reflects Friday's close; trading resumes on Monday.
For live prices through the day, see today's gold rate in Pakistan and the international gold rate. Rates are the Sarafa association's published rates; jewellers add making charges, and prices vary slightly between cities.