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Gold just got cheaper in Pakistan, price rises globally

It recorded a decrease of $58 per ounce in three days

SAMAA | - Posted: Nov 25, 2021 | Last Updated: 7 days ago
Posted: Nov 25, 2021 | Last Updated: 7 days ago

File photo: AFP

The price of gold in Pakistan dropped Thursday by Rs100 per tola and settled at Rs124,000.

This week, the price of the precious metal oscillated between Rs2,500 and Rs2,700.

Related: Gold rates in Pakistan on Friday, Nov 26

According to rates compiled by the All Sindh Sarrafa and Jewelers Association, the price of 24k-gold has broken the losing streak and slightly increased by $2 per ounce, taking the precious commodity to $1,790. Earlier, it fell three days in a row to drop to $58 per ounce.

Gold touched a five-month high of $1,874 per ounce on November 16 and a record high of Rs132,000 per tola on October 26 in Pakistan.

In the domestic market, gold dropped by Rs86 per 10 grams. It was sold at Rs106,310 on November 25.

Silver prices

Silver prices in Pakistan remained unchanged at Rs1,460 per tola and Rs1,251.71 per 10 grams. It recorded an increase of Rs20 on November 22.

Fun fact about gold

Do you know your jewelry probably isn’t 100% gold? 24K, the purest, gold is very soft and malleable and it is not used for jewelry for several reasons:

  • It is a poor metal for jewelry that needs to retain its shape.
  • It is very bright and more orange.
  • It costs much more to craft jewelry using this metal

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