Gold prices in Pakistan eased slightly on Thursday, with 24-karat gold settling at Rs429,500 per tola in the local bullion market, down Rs500 from Wednesday’s rate of Rs430,000 per tola, according to rates compiled from the All Pakistan Sarafa Jewellers Association (APSGJA) and the Karachi Sarafa Bazar. Per 10 grams, 24K gold was quoted at Rs368,230, also down from Rs368,660 a day earlier.
The dip in the local market tracked a mild pullback in international bullion. Spot gold was trading around $4,110 per troy ounce on Thursday, little changed to slightly lower over the past 24 hours, after swinging between roughly $4,110 and $4,125 in international trade this week. Analysts tied the softness to a modest rebound in the US dollar and a cautious tone in Treasury yields ahead of the Federal Reserve’s pre-meeting blackout period, with traders watching upcoming jobless-claims and PMI data for clues on the central bank’s next move. A rally in US equities has also pulled some speculative money away from safe-haven assets like gold, capping gains even as inflation concerns linger. Silver in the local market followed gold’s lead, slipping marginally to Rs6,282 per tola from Rs6,301 a day earlier, a move traders described as largely tracking the gold market rather than any silver-specific development.
| Metal / Purity | Rate per Tola | Rate per 10 Grams |
|---|---|---|
| 24K Gold | Rs429,500 | Rs368,230 |
| 22K Gold | Rs393,708 | Rs337,544 |
| 21K Gold | Rs375,813 | Rs322,201 |
| 18K Gold | Rs322,125 | Rs276,173 |
| Silver (.999) | Rs6,282 | Rs5,384 |
| International Gold | $4,110 per troy ounce | |
The 22K, 21K and 18K rates above are derived from the 24K price using the standard purity ratios (22/24, 21/24 and 18/24), as is customary when local dealers quote only the 24K benchmark rate. Jewellers in Karachi’s Sarafa Bazar said trading volumes remained thin in early sessions, with buyers largely holding off on fresh purchases in anticipation of further clarity from the Fed, while sellers were in no rush to offload holdings given gold’s strong run over the past year.
Market watchers note that Pakistan’s gold prices continue to move in tandem with the international rate and the rupee-dollar exchange rate, meaning any sharp swing in the dollar index or a surprise from the Fed’s next policy statement could quickly feed through to local bullion counters in the coming sessions.
