Gold Price Drops by Rs1,400 Per Tola in Pakistan

The price of gold in Pakistan witnessed a significant decline on Saturday, offering relief to buyers across the country.

“The price of gold per tola declined by Rs1,400 across the country on Saturday.” This latest reduction brought the new price to “Rs347,200 per tola,” according to the “Sindh Sarafa Bazaar Jewellers’ Association.”

In tandem, the rate for 10 grams of gold also decreased by “Rs1,200, reaching Rs297,668.”

In the global market, gold prices dipped slightly amid shifting geopolitical developments. Spot gold fell by 0.3% to “$3,346.59 an ounce,” while “US gold futures fell 0.6 per cent to $3,345.70.” Analysts attribute this easing to “US President Donald Trump setting a July 9 deadline for a trade deal with the European Union,” and rolling back the threat of imposing a 50% tariff from June 1.

Meanwhile, on the domestic front, inflation trends also offered a positive sign. “Pakistan’s short-term inflation saw a slight drop in the week ending May 29,” as per official data.

The “Sensitive Price Indicator (SPI)” recorded a 0.81% weekly decrease, primarily due to “a sharp 10.10 per cent reduction in electricity charges,” along with lower prices for chicken, “which tumbled by 8.51 per cent,” and “LPG, which became cheaper by 2.67 per cent.”

However, not all goods followed the downward trend. The SPI also reported price hikes in essentials such as “tomatoes (4.54%), potatoes (2.94%), eggs (2.19%), onions (2.17%) and bananas (0.73%).” Despite the mixed basket, the easing gold prices and inflation indicators suggest a temporary relief for consumers.