Gold prices eased in Pakistan on Thursday, with the 24-karat rate slipping to around Rs423,700 per tola as bullion traders worldwide reacted to the US Federal Reserve’s decision to hold interest rates steady and weighed a batch of mixed economic signals.
According to live rate trackers tied to the Karachi Sarafa market, 24-karat gold was changing hands at approximately Rs423,700 per tola and Rs363,261 per 10 grams on Thursday morning, down roughly Rs1,900 per tola from Wednesday’s close of Rs425,636, a dip of about 0.45 percent. The move follows a sharp Rs3,500-per-tola rally a day earlier, meaning gold has given back a portion of Wednesday’s gains rather than reversing the broader trend.
The pullback tracks a softer tone in international markets. Business Recorder reported that gold eased globally as the Fed’s policy meeting approached, with traders pricing in a roughly 84 percent probability — based on CME FedWatch data cited in the report — that the US central bank would raise rates again in December, a hawkish signal that reduces the appeal of non-yielding assets like gold. The Fed ultimately held its benchmark rate steady on Wednesday, choosing to wait for more inflation data before its next move, which is widely seen as coming only after next week’s US midterm elections.
Adding to the cautious mood, oil prices climbed more than 1 percent after an attack on a Saudi refinery stoked fresh inflation worries — a dynamic that, paired with a steady US dollar, has kept gold range-bound rather than rallying the way it did during earlier rate-cut expectations. Analyst Bart Melek of TD Securities was quoted by Business Recorder saying gold prices are staying “anchored to the lower bound of the range” in the current environment, with markets now watching Thursday’s US PCE inflation data for the next clear signal.
Silver, meanwhile, was last confirmed trading at Rs5,854 per tola (Rs5,019 per 10 grams) at Wednesday’s close — up Rs61 on the day — with Thursday’s local session yet to post an independently confirmed fresh print at the time of filing. The international gold benchmark stood near $4,031 per ounce (on an APGJSA-convention basis that includes the customary local premium) as of Wednesday, with Thursday’s early trade reported as flat to slightly softer ahead of the Fed outcome.
| Metal / Karat | Rate per Tola (Rs) | Rate per 10 Grams (Rs) |
|---|---|---|
| Gold 24K | 423,700 | 363,261 |
| Gold 22K | 388,392 | 332,989 |
| Gold 21K | 370,738 | 317,853 |
| Gold 18K | 317,775 | 272,445 |
| Silver (Wed. close) | 5,854 | 5,019 |
| International Gold (per ounce, USD) | $4,031 (Wed. close) | |
Rates for 22K, 21K and 18K gold above are derived from the 24K base rate using standard purity ratios, as is common practice when a single karat figure is quoted by local market sources. Actual jeweller-counter prices can vary slightly by city and by making charges. For comparison, readers can check Wednesday’s gold price update, which covered the Rs3,500 per-tola rally that preceded today’s pullback.
Gold and silver rates in Pakistan are typically set each trading day by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), based on the international spot price converted into rupees at the prevailing interbank exchange rate, plus a small local premium. As a result, local rates usually move within a few hours of shifts in New York or London trading, and can continue adjusting through the day as the rupee-dollar rate and global spot price fluctuate.
