The price of gold in Pakistan fell on the opening day of 2024 to settle at Rs. 219,700 per tola.
According to the data released by the All-Pakistan Gems and Jewellers Association (APGJA), the price of gold (24 carats) fell by Rs. 300 per tola to Rs. 219,700 while the price of 10 grams fell by Rs. 258 to Rs. 188,357.
Today’s decline is the third straight fall in the price of the precious metal in the local market. The price of gold fell by Rs. 1,900 per tola on Friday and by another Rs. 900 per tola on Saturday.
The consecutive falls in the price at the end of last week nullified most of the gains reported earlier in the week. Cumulatively, the price of gold rose by Rs. 700 per tola during the last week of 2023.
The price of gold in Pakistan had a volatile 2023, hitting the Rs. 240,000 per tola mark in May. However, the price reversed after the government launched a crackdown against the gold “mafia”. Subsequently, the prices dipped below Rs. 200,000 per tola in October but have since climbed again.
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Authored and reviewed by the corporate law and tax litigation practice group at Javid Law Associates. Our team comprises High Court advocates, corporate legal advisors, and authorized tax practitioners across Pakistan.
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