In the local currency exchange market, the trend of decreasing gold pricescontinues today.
According to media reports, after a decrease of 7,000 rupees, the price ofgold per tola (11.66 grams) in Karachi, Hyderabad, Sukkur, Multan, Lahore,Faisalabad, Rawalpindi, and Peshawar has reached 190,000 rupees, while theprice of 10 grams of gold has dropped to 162,894 rupees.
It’s worth noting that on August 31st, the price of gold per tola hadreached its highest level at 239,800 rupees. Since then, there has been anoverall decrease of 50,000 rupees in the price of gold per tola.
It’s significant to mention that in the absence of official gold rates,consumers are facing confusion in jewelry shops. Gold prices are releaseddaily by the All Pakistan Jewelers and Jewelers Association. However, sincethe crackdown on smuggling and illegal activities following the lockdown,the association has not been releasing daily gold prices since last week.
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On the other hand, traders claim that the wedding season is ongoing, butdue to a decrease in purchasing power among consumers and incidents oftheft, gold purchases by families are also declining, causing a drop in thedemand and prices of gold jewelry.
